If crude drops, so may petrol

Nov 09, 2011 |

Age Corespondent

New Delhi

Indian Oil Corporation, which has the largest petrol pumps in the country, indicated on Tuesday that it may cut petrol prices in case international crude oil prices continue to decline and the rupee does not depreciate.

“I cannot say today if the prices will be reduced. We will take a call on November 15. It is still some days away. Every one rupee dip against the dollar adds up to 0.90 paise per litre to the retail price. So it is very essential that the rupee should not depreciate. Also, oil prices should reduce for us to consider a reduction in petrol prices,” said IOC chairman R.S. Butola.
Petrol prices have been hiked four times this year and 10 times since petrol prices were decontrolled in June 2010.
Also, in June 2011, the government had hiked diesel prices by `3 a litre, kerosene `2 a litre and LPG by `50 a cylinder.

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