Media reports say that there could be a small reduction in petrol prices if the rupee remains north bound but hike in diesel and kitchen fuel prices appears inevitable. Prices of crude mix, that the government-owned refiners buy, dropped to $110.15 per barrel on September 10 from a high of $112.26 on the previous day.
In rupee terms, too, the price followed the trend to slide to Rs 7,073.83 per barrel from Rs 7,404.67. According to Petroleum Planning and Analysis Cell — an oil ministry arm that tracks the country’s oil and gas consumption — the cooling sign was sparked by twin factors of fall in international oil prices in dollar terms and the rupee appreciation to Rs 64.22 to a dollar from Rs 65.96.
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