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Finally, a wave of respite for the petrol-heads!

Following two back-to-back price hikes in petrol on January 3 and January 5 respectively, the state-owned oil marketing firms have resolved to slash petrol rates by Rs 1.5-2 a liter this week, thanks to the flaccid prices of international crude oil and the slight appreciation of the Indian rupee against the US dollar. 

"We have started making nominal profits on petrol and may pass on the benefit to the consumers once the oil firms meet to review the prices," said a director on the board of a leading oil retailer without elaborating on the quantum of reduction. 

Oil marketing firms Indian Oil Corporation (IOC), Hindustan Petroleum Corporation (HPCL) and Bharat Petroleum Corporation (BPCL)  metfortnightly to review petrol prices. Confirming the move, a board member of a Mumbai-based oil firm said, "The international crude oil prices have softened in the last few days. We are keeping a watch on it as well as the movement of the Indian rupee and will revise the petrol prices accordingly." 

"The international crude oil price of Indian basket fell to $104.77 per barrel (bbl) on Friday compared to $108 per bbl on January 1. In rupee terms also, the crude oil price of Indian basket declined to Rs 6,489.45 per bbl on Friday compared to Rs 6,726 per bbl on January 1," wrote the Economic Times.

(AW: Suchorita Choudhury)