SRINAGAR: Petrol prices are likely to fall to the lowest in one year on August 15, India’s Independence day as the state oil firms are planning to cut the fuel’s rate by Rs 2.50 per litre, the biggest fall in many months, government and industry sources said.
Petrol would fall to about Rs 70 per litre. The cut may be steeper if the downward trend in international petrol rates continues and rupee appreciates against dollar by August 15, when fortnightly review of prices is due.
“But for weakening of the rupee, petrol would have been cheaper by about Rs 3 per litre. So far this month average depreciation in rupee against dollar is over 70 paise, one source said. Average international gasoline price has slumped by about $7.5 per barrel compared to the previous fortnight, sources said.
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