S. Roy Choudhury, chairman of Hindustan Petroleum Corp has indicated that the oil companies might reduce the price of petrol by about two rupees a litre during June if the global oil prices stabilizes and the rupee stops if downward fall.
Fuel companies are scheduled to review petrol prices in the company on May 31. The company had raised the price of petrol by 6.28 rupees a litre excluding taxes, which led to an increase of about Rs 7.50 across the country.
The government is facing increasing pressure from its allies, the Opposition and the public over the hike in fuel prices. The opposition has warned that it might go on a nation-wide strike over a hike of Rs 7.50 in the prices of petrol.
Following the highest ever hike in petrol prices, the ruling congress party had asked the state government to reduce their taxes on fuel prices in order to bring some respite to the common man. Even the states ruled by the congress and its allies follow the order from the Congress party, the states of Delhi, Haryana, Kerala, Manipur, Rajasthan, Uttarakhand, Maharashtra, Arunachal Pradesh, Mizoram, Jammu and Kashmir, Andhra Pradesh, Meghalaya, Assam and West Bengal are likely to benefit.
- Decision on gas price revision taken under RIL’s coercion: Dasgupta
- Government to pay $8.1 billion fuel subsidy in fourth quarter
- Oil firms falls as government considers export parity pricing model
- Essar Oil to sign $1 billion financing co-operation deal with CDB
- ONGC may sell stakes in deep-water blocks to Shell