Petrol vehicle owners will have some relief from the government after the Diwali season as the prices will be cut by 0.95 per litre. The new rates of petrol will take effect after midnight on November 15, 2012. Earlier, petrol prices were revised on October 27, 2012, when it was raised by 29 paise to Rs. 68.19 per litre in Delhi, so that the government could raise the commission paid to petrol pump owners.
From November 16, 2012 petrol will cost Rs. 67.24. An official from the oil ministry said, “Other fuel retailers (BPCL and HPCL) will also reduce petrol rates”. At present international prices are relatively stable.
There has been a significant volatility in the exchange rate of the rupee and dollar. Currently the rupee is very week, with uncertainty about its future direction. In a statement, India Oil Corp said that the trends in the international market oil market and INR-USD exchange rate are being closely monitored and the same will also reflect on future price changes. Moreover, it cannot be ignored that oil companies are currently bearing the burden of losing more than Rs. 2000 crore in the sale of petrol in the period between April, 2012 and September, 2012 due to the inability to change retail selling prices to the desired extent.