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Saturday, June 16, 2012

No petrol price cut today

NEW DELHI: Belying expectations, petrol prices will not be cut today despite there being a scope for reducing the rates by up to Rs 1.60 a litre. State-run oil companies, as per practice, were to revise petrol price today based on the average international oil price and rupee-dollar exchange rate in the previous fortnight.

"I do not think there is any news today," a top official at one of the oil marketing companies said. No reason was assigned for skipping the fortnightly revision, but sources linked the decision to the absence of Oil Minister S Jaipal Reddy in the capital. Reddy is Vienna attending the OPEC Ministerial meeting and is likely to return tomorrow. RS Butola, chairman of Indian Oil Corporation Ltd (IOC), the company which spearheads revision in rates of petrol, too is travelling with Reddy.

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