New Delhi: The Oil marketing companies (OMCs) are not passing the benefits on petrol to the consumers even after pocketing a profit of Rs 2 per litre on petrol, a the Times of India reported on Wednesday.
OMCs have been incurring profit of Rs 2 per litre since September 16 owing to the fall in global crude prices and the strengthening of rupee against the dollar.
Based on IndianOil chairman R S Butola’s formula, petrol become cheaper by 77 paise every time the Indian currency gains a rupee against the dollar, and petrol prices become cheaper by 33 paise for every one-dollar fall in crude oil prices.
US crude is trading at around USD 91 per barrel and Brent crude is trading at around USD 111. The rupee has also staged a strong recovery at 52.40 against dollar.
First Published: Wednesday, October 3, 2012, 10:14