The volatility of petrol prices has been causing quite a stir in the Indian public for the last few months. And now there are chances for this volatility to take a positive effect. The price of petrol may drop down to as much as Rs. 4 to a litre from the 1st of July due to a drop in international oil prices which will definitely be a relief for all owners of petrol cars in India. This may even have an effect on petrol car prices in India in the long run. State owned oil firms in India has previously hiked up the price for petrol by a massive Rs. 7.54 per litre before brining it back down by Rs. 2.02 per litre. These oil firms are once again in that stage of considering revised rates as the month end approaches. “Yes, there is a scope for reduction in petrol prices. But I will not stick my neck out and say there will be a reduction for sure as we have to watch for volatility in the rupee as well,” a top official at one of these firms informed the media.
These revisions are carried out at the beginning and the middle of every month, however were skipped by the firms for the month of June. The international oil rate per barrel was at 115.77$ per barrel last month and has given way to the decreased price of 97$ per barrel. Hence the reason for a possible decrease in the petrol prices in India. Unfortunately another factor that may hinder this fall in the price is the fall that has been seen in the Rupee in recent months. The rupee has been devalued from Rs. 54.96 to Rs. 54 to a US Dollar. Thus we will just have to wait and see if the rates are revised or not.
