The Petroleum ministry is mulling over slashing the petrol prices by Rs 1.70-2.40 per litre after Brent crude prices also reduced from $115 per barrel to $102-104 per barrel over the past few months.
Brent crude fell this morning to $104.46 as concerns eased regarding Ukraine and Iraq. PTI reported, Singapore's United Overseas Bank said investors are taking "a more optimistic view on Ukraine and Iraq although developments in these troubled regions remain on their radar".
The ministry has continued to cut petrol prices in a phased manner, while at the same time, it is raising the diesel prices every month in a bid to deregularise diesel prices gradually.
On July 31, the petrol prices had been cut by Rs 1.09 per litre.