Indian Oil Companies might slash Petrol Prices Rs 4 per litre from July 1

If international petrol prices and the rupee-dollar exchange rates remains steady, there will a great relief to all Indian people as Indian oil companies will then slash the price of petrol by Rs 4 per litre.

This reduction in petrol price might happen from July 1.

Crude oil prices at the international market are falling from USD 115 per barrel to USD 99, on which the prices of petrol are based by the companies.

This cut will be a big relief after the Rs 7.54/litre steep hike that occurred on May 23.

Currently international petrol prices are USD 99 a barrel compared to USD 115 per barrel at the beginning of June.

Petrol prices depend on rupee-dollar exchange rate as well. Whenever one-rupee depreciated in respect to dollar there is a rise in petrol price by 75 to 80 paise. If the dollar is devalued there can be a reduction in petrol price by 34 paise.