Petrol price may go down by INR 1

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Petrol price may go down by INR 1

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_{Published by: Manas Sen Gupta}
^{Published on: Tue, 29 Nov 2011 at 19:50 IST}

Petrol price may go down by INR 1

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New Delhi: The price of petrol may be reduced a second time in a month by INR 1 per litre when the state-owned oil companies meet on Wednesday. The cut comes in the wake of falling global oil rates.

On November 16, the price of petrol was cut by INR 2.22 per litre. That was the first reduction since January 2009. Petrol now costs Rs 66.42 per litre in Delhi.

The rising price of petrol has put the ruling UPA II government on the backfoot as allies and opposition alike protested the move.

The government admitted on Tuesday in the parliament that the prices of petrol in India are much higher in comparison to neighbouring countries. Surprisingly, the price of petrol in India is more than in the US.

The government has always been criticised for the skewed tax structure on petrol and diesel. The minister, however, said the central government's revenue does not increase with increase in the price of these products as the excise duties were specific.

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