Petrol prices in India are expected to be reduced by firms by about Rs 1.5 per litre on Wednesday, after they review the global prices prevailing in the markets.

State-owned Oil marketing companies (OMCs) now review global prices every fortnight and take a decision on prices of the fuel in the country. The new cut will come after a reduction of Rs 2.22 per litre on November 16. The officials of oil firms will review the retail rates in line with international trends and implement changes on November 30.

The reduction in prices would follow a fall of petrol prices in the international markets. The government has already deregulated the pricing of petrol in the country but oil firms take ‘advice’ from the oil ministry before setting the prices. The oil firms had earlier increased the prices of petrol by Rs 1.80 per litre.

The average petrol prices in the international market for the second fortnight of November is $107 per barrel compared to $115.85 a barrel average during the first fortnight that was the basis for reducing Rs 2.22 per litre. However, porting of the fall in petrol prices have been lost to the depreciation in the Indian rupee.

Oil firm officials say that the companies can reduce the prices by Rs 0.85 per litre and added with taxes the reduction could be more than one rupee.