Petrol to be cheaper by Rs. 0.95/liter from midnight !!!

In a marginal relief to consumers, petrol prices have been cut by Rs 0.95 per liter with effect from midnight. Petrol prices were last revised on October 27 when they were raised by 29 paisa to Rs 68.19 per liter in Delhi following government raising the commission paid to petrol pump dealers. Petrol will be priced at Rs 67.24 from today. The government had in June 2010 deregulated petrol prices giving oil companies freedom to fix rates in line with the cost. However, prices have seldom moved in line with cost and oil companies buckled under political pressure to keep rates checked to help the government manage inflation. Last week Prime Minister Manmohan Singh had justified the recent "difficult" decision to hike prices of petroleum products and asked Congress cadres to have confidence in these measures arguing these were necessary. "We have to make all out efforts to change the conditions that affect the rapid growth of the country's economy," he said addressing a dialogue meeting of top Congress leaders.