petrol prices may be cut by Rs 1.50-1.80

 Close on heels of the steepest ever hike, petrol prices may be cut by Rs 1.50-1.80 early next month if current trend of softening in international oil prices continues, oil companies indicated on Thursday.

Worried over the political backlash, the government fielded chief executives of the state-owned oil companies to explain the compulsions that led to the Rs 7.54 a litre increase in petrol price, the third in a year but the first in almost seven months.
"Current trend (in international prices) indicates that prices (of petrol) can come down," IOC chairman R S Butola told reporters here.
Oil companies revise petrol prices on 1st and 16th of every month on the basis of average international oil price and the foreign exchange rate in the previous fortnight.

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