New Delhi: The price of petrol is set to fall for the fourth time in less than two months by Rs 2 to Rs 2.50 per litre (including value added tax or VAT) this time. The cut may come into effect by the end of April if the present trend of the Indian rupee strengthening against the dollar - combined with a steep fall in international crude oil prices-continues for one more week, say oil company sources.
At present, petrol costs Rs 66.09 per litre in the capital. The price was reduced by Rs 2.40 on March 16, Rs 1 on April 2 and Rs 1.20 on April 16, the total reduction being Rs 4.60 in a month.
State-owned oil companies confirmed the possibility of the cut. “The fall in the price of petrol is directly linked to the global price trend and the rupee-dollar equation. As it is expected that the downtrend in global oil and fuel prices would continue for the next few days, we will pass on the entire benefit to consumers,” said a senior official on the management of an oil company.