Petrol prices likely to be slashed by Rs 2/ litre
New Delhi: Oil marketing companies (OMCs) may decide to cut petrol prices by up to Rs 2 per litre in next 2-3 days due to falling international crude oil prices and a strengthening rupee.
New York's main contract, light sweet crude for November, was at USD 92.28 a barrel on Friday and Brent North Sea crude for delivery in November was at USD 112.15.
The Indian basket of crude oil fell to USD 106.74 on September 20 from USD 116 five days earlier, according to data published by the Oil Ministry .
The rupee gained 36 paise to trade at nearly five-month high of 52.66 against the dollar in early trade Friday on continued selling of the American currency by exporters and banks.
Forex dealers said besides persistent dollar selling by exporters and banks, dollar's weakness against the euro amid a strong opening in the domestic equity market kept rupee strong.
With Agency Inputs