The oil marketing companies in the country might reduce the retail price of petrol by about Rs. 4 form July 1 mainly due to the sharp fall in the global crude oil prices and that of petrol.
The government is facing increasing pressure from its allies, the Opposition and the public over the hike in fuel prices. The reduction in pries will come after the largest ever hike of as much as Rs 7.50. Officials at the oil companies have said that he prices will only be reduced with the currency exchange rate and the global crude oil prices remain at its current level during the rest of the month.
They said that the price cut would have been much bigger if the rupee had not lost so much in value against the US dollar in recent months. The average of global petrol price had fallen to $99 a barrel from $115 during the time of previous rate cut of Rs. 2.02 on June 2.
The new rate cut would come as a relief to the common man who have been struggling with the high price of the fuel in the country.
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