Petrol Prices May be Reduced by Re1 per litre

From the looks of it, it’s not just auto makers that are handing out offers and discounts to enhance the festive occasion of Diwali. R S Butola, Chairman of Indian Oil Corp hinted at a possible reduction of as much as Rs.1 in petrol prices over the next few days. This comes as good news on the heels of the last petrol price hike where petrol price was raised by 29 paise to Rs. 68.19 per litre.

Published On Nov 12, 2012 20:50 IST

Published OnNov 10, 2012 13:47 IST

Last Updated OnNov 12, 2012 20:50 IST

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From the looks of it, it’s not just auto makers that are handing out offers and discounts to enhance the festive occasion of Diwali. R S Butola, Chairman of Indian Oil Corp hinted at a possible reduction of as much as Rs.1 in petrol prices over the next few days. This comes as good news on the heels of the last petrol price hike where petrol price was raised by 29 paise to Rs. 68.19 per litre.

"There has been some reduction in gasoline rates (against which the domestic price of petrol is benchmarked against) giving us some margins (on petrol). But they have moved up again in the last few days. Also, rupee has appreciated against the US dollar ... we have to take a view (on prices) keeping all these factors in mind," said R S Butola.

"We will review (prices) in next few days. May be at the end of the week or early next week," Butola said.

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Raised in the Middle East, Wajeeh Khan spent most of his life in Doha, Qatar where he was originally educated in the field of communications and networking. He spent five years working and garnering experience in various fields including administration, insurance, sales and construction. However, Wajeeh has always had a deep seated passion for automotive writing, which has brought him back to his roots in India and although a fresher in the field, he is an obsessive enthusiast with an extreme and inquisitive nature and has his bases on the hows and whys of the functioning of a car, all covered. Armed with exceptional knowledge on the workings of the English language and his obsession for cars, he hopes to make a name for himself in the field of automotive journalism. Read more

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