Petrol prices cut by Rs 1.60 likely

May 31, 2012 |

Agencies

New Delhi

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As parts of the country suffered today from planned protests against the recent petrol price hike, some relief appeared likely after the Centre hinted a Rs 1.60 slash in prices.

State-fuel retailers had announced they might cut retail prices of petrol by about two rupees a litre from June if global oil prices and the rupee stabilise at current levels, said S.Roy Choudhury, chairman of Hindustan Petroleum Corp.

State-fuel retailers are slated to review retail petrol prices on May 31. Indian firms last week raised retail petrol prices by Rs 6.28 rupees a litre excluding taxes, translating to a hike of Rs 7.54 per litre at the retail level.

To soften the blow of the steep rise, many states including Delhi reduced local taxes on the increased component, restricting the rise to Rs 6.28 a litre.

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