Oil companies | OMCs : Plan to Revise the Petrol Price

Oil companies | OMCs : Plan to Revise the Petrol Price   

Oil companies has decided to reduce price of petrol due to falling down internation crude oil price. So Consumer can get some relief from this dearness.

In Indian Basket of crude oil fell down on 20^th September from earlier five days.Each dollar fall in crude oil is make cheaper change in price of petrol by 33 paisa.Similarly streghtening of rupee would make reduction of petrol by 77paisa.Indian basket of crude oil fell down to $106.74 on september 20 from $116.

OMCs earlier used to revise petrol price on the 1^st and 16^th of every month. In US Petrol prices are revised everyday at 3.pm. In India, price of petrol is revised on every 1st and 16th date of every month. In many country prices of petrol are revised on hourly basis.

CCI reportedly investigate into the alleged cartel-like behaviour of OMCs increase and decreasing of price of petrol.