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Petrol price may reduce by Rs 1.60 a litre

Petrol prices are unlikely to be reduced today by Rs 1.50-1.60 a litre today. The petrol companies are now talking about the scope of cutting rates. The impact of bharat band can be seen. Indian oil, Hindustan petroleum and bharat petroleum had over the past one week indicated of a scope of reducing rates from june 1. The three firms were to revise the rates of petrol on Thursday based on the average international oil price and rupee-US dollar exchange rate in the previous fortnight. With international gasoline rates, against which petrol is benchmark, falling to USD 114-115 from USD 124, there existed a scope for reducing prices by Rs 1.50-1.60 a litre. Sources say that the oil companies may take a call on Friday on the quantum of reduction considering that rupee has depreciated further against US dollar-from Rs 53.17 to dollar Rs 55-30. Every dollar fall in oil price should translates into a cut in the product price by 33 paisa but every time rupee depreciates against US dollar by Re one, it translates into a requirement to raise the prices by 77 paisa.

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