This article was last updated on April 16, 2022
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International oil prices may well bail the govt out after it stuck to its position of not slashing petrol prices based on political compulsions.
Petrol prices may be cut by Rs 2 a litre from tomorrow as global oil rates have softened and the rupee has stabilised against the US dollar.
The cut in prices would negate the Rs 1.80 per litre petrol price hike effected earlier this month.
PM Manmohan Singh has argued that prices have been decontrolled and market forces must dictate their rise and fall – for this he went to the extent of showing West Bengal CM Mamata Banerjee her place in the Indian power hierarchy when she protested too much about the hardships faced by the common man.
“Gasoline (petrol) averaged USD 115.8 per barrel in November, as against the USD 121 per barrel price taken at the time of the Rs 1.80 per litre hike in petrol price Also, the rupee has averaged Rs 49.20 per US dollar, which is less than the October average,” a senior official in one of the three state-run oil marketing companies said.
“The reduction in oil price warrants a cut of Rs 1.86 per litre in the petrol price, excluding all taxes,” he said, adding that retail prices may go down by about Rs 2 per litre.
The situation now is set to provide relief to the people of the country on energy costs and at the same time the Congress-led UPA must be heaving a sigh of relief of having been proved right on the theory they have been implementing
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