New Delhi, June 2: Petrol prices were cut by about Rs 2 a litre from midnight by state-run oil firms, a partial reduction of the Rs 6.28-plus increase carried out more than a week ago.
Motorists in Patna will now pay Rs 73.82 instead of Rs 75.92 for a litre of petrol.
The partial reduction of petrol prices, however, did not satisfy political parties, which demanded a complete rollback of the hike.
“We could have cut more had rupee not depreciated against the dollar sharply during the fortnight,” P.K. Goyal, director finance, IOC, said.
“Every dollar reduction in international oil price translates into a cut in product price by 33 paise a litre. But every time rupee depreciates against dollar by rupee one, it translates into a requirement to raise prices by 77 paise a litre,” he said.
While the Congress welcomed the cut in petrol prices, the BJP demanded a complete rollback. The CPM politburo also demanded a total rollback stating a “token cut is unacceptable”.