Oil marketing companies may reduce the petrol prices by Rs 1.5/litre around 15th or 16th August. If the prices in the international market will be reduced then the government will cut the domestic prices of petrol.

Oil Minister S Jaipal Reddy has notified, "If the prices globally come down sharply and in a stable way, naturally the prices of petrol would be adjusted downwards".

Finance Minister Pranab Mukherjee stated that the reduction in crude prices worldwide will be quite helpful in managing country's Inflation.

Brent crude dropped by $5 to $98.74 a barrel and US crude dropped $1.2 to $80.13 a barrel.

Tokyo-based Mitsubishi Corp risk manager Tony Nunan said that the decline of 18% in U. S. crude prices will encourage the OPEC into action.

As the worlds crude oil have been falling the opposition party has also asked the government to reduce the oil prices, following the foreign countries. The America's downgrade rating has resulted into collapse of commodity exchange.

The opposition party has been claiming that the government had promised that with the reduction of the crude oil prices the government will reduce the petroleum prices in India.

BJP leader S S Ahluwalia stated that the BJP will keep pressurizing the government to reduce the petrol prices.