Moily hints at petrol price cut on Rs gains

Written by Press Trust of India | New Delhi | Updated: Sep 28 2013, 09:08am hrs
Oil minister M Veerappa Moily on Friday hinted at a reduction in petrol price in the next few days, the first cut in rates in over five months.

The reduction in rates is likely to be announced by the month end as per the practice of fortnightly revision in prices, and has been made possible due to the appreciation of the rupee against the dollar.

"This is all a dynamic pricing system and not static pricing... Any advantage of price (reduction in international rates) and rupee (appreciation against US dollar) will be passed on to consumers... consumer will get full advantage," he said.

Asked if a cut in petrol price was possible on September 30, he said, "Lets hope so."