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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