State run oil cos to cut petrol prices from Thursday

The cut, the second straight this month could help to ease near double-digit inflation.

FP Archives|Dec 20, 2014, 05:29:50 IST

State-run oil firms will cut retail prices of petrol by 0.65 rupee a litre, excluding taxes, from Thursday, a company statement said on Wednesday, the second straight cut this month in a move that could help to ease near double-digit inflation.

[caption id="attachment_145020" align="alignleft" width="380" caption="The companies cut petrol prices by about 3.2 percent earlier this month. AFP"][/caption]

The companies cut petrol prices by about 3.2 percent earlier this month, the first reduction in retail prices in nearly three years and the first since prices were decontrolled in June 2010.

State fuel retailers - IOC, Hindustan Petroleum Corp and Bharat Petroleum Corp tend to move their prices in tandem.

Petrol has a 1.09 percent weighting in the inflation index and near double-digit consumer prices have provoked criticism of the government, which subsidises other fuels such as diesel and cooking gas.

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