The petrol price was slashed by a higher margin of Rs. 2.22 on 15 November 2011. The reduction in the price, for the first time in almost three years, is likely to ease the pressure on the government ahead of the Parliament's winter session scheduled to begin on 22 November 2011.
Earlier in November, petrol prices were hiked by Rs 1.80. The hike drew flak from the Opposition and UPA allies alike for casting an additional burden at a time when inflation remained perilously close to double digits.
With the reduction in prioze, petrol will be cheaper at Rs. 66.42 a litre in Delhi, against Rs. 68.64 hitherto. In Mumbai, it will be Rs. 2.34 less at Rs. 71.47. In Kolkata, it will stand reduced by Rs. 2.31 at Rs. 70.84. In Chennai, it will be lower by Rs. 2.35 at Rs. 70.38.
The OMCs slashed prices for the first time since January 2009 as a result of favourable impact of slide down both in the international prices of motor spirit and in rupee-dollar parity.
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