MC:Expect petrol price revision on fortnightly basis: BPCL
Buckling under political pressure, oil marketing companies have decided to slash petrol rates by Rs 2.2 per litre effective from today. This is the first time in almost three years that the price is being revised downwards.
However, S Varadarajan, director-finance of BPCL ruled out any instance of political pressure in the petrol price cuts. Speaking to CNBC-TV18, he says that from hereon, petrol prices can be expected to be revised regularly on a fortnightly-basis.
“This decision comes as the effect of rupee depreciation and crude prices will soon reflect upon petrol prices,” he says. Varadarajan drew upon the hike in international diesel prices to elucidate his case. “Over the past fortnight, international diesel prices have gone up by almost USD 5/bbl,” he says.
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