Some days ago we had reported to you about the price cut in petrol by about Rs. 2. However, that price cut did never materialize. The reason for not cutting the petrol price was the dwindling value of rupee in the international market, especially as against the US dollar.
But the good thing is that rates of the crude oil in the international market have reached its lowest price tag since December 2010. This makes it sure that there is enough space for the price cut to become a reality. The price of one barrel of petrol has come down from $115 to $97.
These figures are enough to say that there is enough room for at least Rs. 4 to be cut down. However, on the other hand, the rupee has been constantly falling for the last few days. This might force the costs of the imports to go up once again.
Taking all these things into consideration, there is a chance of the price cut in the next three to four days. The oil companies are keeping a close watch on all the developments and until the start of the next month, some concrete steps are likely to be taken.