Petrol prices may come down as the price of crude in the international market has significantly slipped over the past few days.

State-run oil marketing companies (OMCs), viz. Indian Oil Corporation Ltd (IOCL), Hindustan Petroleum Corporation Ltd (HPCL) and Bharat Petroleum Corporation (BPCL), have reportedly started making nominal profits on petrol and may decide to pass on the benefit to the consumers soon.

A director on the board of one of the oil retailers said, "We have started making nominal profits on petrol and may pass on the benefit to the consumers once the oil firms meet to review the prices."

The director didn't elaborate the quantum of reduction in the price of the fuel. However, some analysts are of the view that the OMCs may cut the prices by Rs 1.5 to Rs 2 per litre.

If the OMCs announce any cut in petrol prices, it would follow two consecutive increases in the prices of the fuel that were made on January 3 and January 5, which hiked the prices by Rs 2.25 per litre in Mumbai alone.

As the Indian Rupee has slightly firmed up against the U. S. dollar over the past few weeks, price of imported crude oil has slipped slightly. The international price of crude oil slipped from $108 per barrel on January 1 to $104.77 per barrel last Friday.