Oil companies have cut petrol prices by a steep Rs 3.05 a litre

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With effect from Monday midnight, petrol prices were cut by Rs 3.05 per litre, and diesel prices were raised by 50 paise per litre. This was the first reduction in petrol rates in over five months, and comes as the most significant depreciation in over five years.

Reduction in international motor spirit (MS) prices and appreciation of rupee against the US dollar. Union Petroleum Minister M Veerappa Moily announced that his ministry will launch a mega fuel conservation drive on Wednesday, which is aimed at cutting the oil import bill.

Moily announced that his ministry would launch a 6-week mega fuel conservation drive on Wednesday, October 2, to taper the demand and thereby cut oil import bill by USD 2.5 billion.

Source:

http://businesstoday.intoday.in/story/petrol-price-cut-by-rs-3-diesel-to-cost-50-paise-more/1/199049.html

http://www.dnaindia.com/india/1896784/report-petrol-slash-linked-to-stabilising-rupee-m-veerappa-moily

Img Src: http://www.mypetrolprice.com/

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