Petrol prices likely to get cheaper by Rs 2 per litre

New Delhi: Owing to the decrease in price of Indian crude oil basket, domestic fuel prices is likely to come down by Rs 2.

A decision regarding the same may be taken up by the Oil marketing companies on Sunday.

The price of Indian Basket decreased to Rs 3201.83 per bbl on 27.04.2017 as compared to Rs 3511.07 per bbl on 14.04.2017.

Rupee closed weaker at Rs 64.11 per USD on 27.04.2017 as compared to Rs. 64.00 per USD on 26.04.2017.

The price of petrol was hiked by Rs 1.39 per litre and diesel by Rs 1.04 a litre in sync with firming international rates on April 15.

The movement of prices in the international oil market and INR-USD exchange rate shall continue to be monitored closely and developing trends of the market will be reflected in future price changes, it said.

Government is also expected to start daily changes in price of petrol and diesel on pilot basis, in Udaipur, Jamshedpur, Pondicherry, Chandigarh and Vizag from May 1.