Friday, June 1, 2012: Petrol prices may be revised today with companies talking about a scope of cutting rates by Rs1.50-1.60 a litre.On a day when BJP-led NDA and the Left parties called a Bharat Bandh or a nationwide street protests against petrol price hike, the government appeared in no mood to announce a cut. Indian Oil, Hindustan Petroleum and Bharat Petroleum had over the past one week indicated of a scope of reducing rates from June 1.
The three firms, as per practice, were to revise rates of petrol today based on average international oil price and rupee-US dollar exchange rate in the previous fortnight.
With international gasoline rates, against which petrol is benchmarked, falling to USD 114-115 from USD 124 (that was taken into account for the steep Rs 7.54 a litre hike effected from May 24), there existed a scope for reducing prices by Rs 1.50-1.60 a litre.
