Petrol prices may come down
New Delhi   11-Aug-2011

State-owned oil firms are making a small margin of Rs 0.30 per litre on petrol, but a reduction in retail prices will be possible only if international rates come down on a sustained basis, market leader IndianOil said.

“Though there was reduction (in international oil prices), it stayed for a brief period. It was only on Friday when crude oil slid by over $6 per barrel. Since then it has been fluctuating. Today, it is up more than $3.63 per barrel,” IOC chairman Mr RS Butola told reporters here.

Based on the average international price in the current month, the retail selling price of Rs 63.70 a litre in Delhi is overpriced by Rs 0.30 a litre. “We are monitoring the price situation. If there is a fall in prices on a consistent basis, we will definitely reduce retail prices,” he said.