After climbing to the extreme peak, petrol prices have decided to go down – a bit. Starting today, petrol price will see a drop of Rs 1.60 a litre. The country’s oil companies, including Indian Oil, Hindustan Petroleum and Bharat Petroleum have announced a price drop form June 1.
The past weeks witnessed international oil price and rupee-US Dollar exchange rate doing a roller coaster. After thorough study and evaluation, the drop in price has been decided. The international gas price had dropped from $124 a barrel to $114-115. On the other hand, the Indian rupee has witnessed a downfall from Rs 53.17 to Rs 55.30 in exchange of US dollar.
Senior BJP leader and former Union minister of petroleum, Ram Naik said, “The burden of petrol price hike petrol can be reduced by suitably adjusting import duty and excise duty instead of reducing them.”
He went on to identify that the pronouncement in 2003 of adding 5% blending of ethanol with petrol would have cushioned the steep rise in petrol prices.