Petrol Price to be Cut by Rs 1.6 Per Liter Soon

Petrol price may be cut by about Rs 1.60 per liter later this month as appreciation of rupee against the US dollar has helped state firms make profit on the fuel.

Indian rupee appreciated to five-month high since the government announced allowing foreign direct investment (FDI) in multi-brand retailing. This has eased the cost of imports for oil firms, helping them make profit on sale of petrol.

Petrol price was last revised on July 24 when it was raised by 70 paise to Rs 68.48 per liter in Delhi. It was last cut on June 3 when rates were reduced by Rs 2.02 per liter.

Also, the prices of international gasoline, against which the domestic retail prices are benchmarked, have eased from $126.11 per barrel to $122.31.