I-Day Bonanza: Petrol To Be Cheaper By 2!

"There are some positive indications," he said when asked if there is likelihood of a price cut going by the average of oil price and exchange rate so far.

Oil firms had last cut rates on August 1 by Rs 1.09 per litre, the first reduction in price since mid-April.

Petrol currently costs 72.51 per litre in Delhi.

The government had in June 2010 freed petrol prices and since then rates have moved in tandem with the cost on most occasions.

For diesel, the government had in January 2013 decided to eliminate the subsidy in stages through monthly increases in prices by up to 50 paise per litre.

With monthly increases continuing, subsidy or losses on diesel have been trimmed to Rs 1.33 per litre but this will go up as there is a marginal increase in international gasoil (diesel) prices.

Diesel price revision is due only on September 1 as per the policy of raising rates every month.

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