Petrol prices lowered by Rs 1.85 per litre
New Delhi: India's fuel retailers Tuesday cut petrol prices by Rs 1.85 per litre, excluding state taxes and levies, which should make its price cheaper by Rs 2.22 per litre in the national capital from midnight, bringing welcome relief to vehicle owners. The move comes against the backdrop of some allies of the United Progressive Alliance (UPA) government and opposition parties alike criticising the move earlier this month by oil retailers to hike petrol prices by Rs 1.80 per litre. However, IndianOil Corp (IOC), the largest of the three state-run oil marketing companies (OMCs), said a fall in global crude prices and the rupee remaining stable at 49.30 to a US dollar were the reasons it could bring down prices of petrol. The last time prices were slashed was in January 2009. Incidentally, in early November when OMCs announced a hike in petrol prices, the rupee was still hovering over 49 to a dollar. "IndianOil reviews motor spirit prices on fortnightly basis and based on the ...