Petrol price has been reduced by 65 paise, according to an announcement by the oil marketing companies with effect from midnight on 1st December. This is the second reduction in two weeks – the last being on 16th November.
Petrol Pump
The actual reduction in price across the country depends on the taxes in each State.
In Delhi, the latest prices in the four major cities are: Delhi – Rs 65.42 (as against the old price of Rs.66.42), Mumbai – Rs.70.65 (Rs 71.47), Kolkata – Rs.70.02 (Rs.70.84), and Chennai – Rs.69.55 (70.38).
The reduction in petrol prices comes in the wake of a fall in international crude prices by $7 per barrel (from $116 to $109) and a further drop in the value of the Rupee in the two days preceding the announcement.
The reduction is surprising (as was the previous reduction on 16th November) since the Oil Companies never gave up the refrain of continuing losses even after the major, massive price hikes this year. But the reduction is a welcome move and we are definitely not complaining!
But we won’t be surprised if this is an astute move to instill confidence in the public mind that the oil companies are actually playing it fair and that they raise the prices only when the international prices rise and lower them when the prices fall – so that the oil companies can then, once again, hit the public hard with a massive rise which may not be all that justifiable. The cynicism may be pardoned; but long years of watching the happenings around us have taught us to take everything with a spoonful of salt.
Tags: petrol price in india
