International crude oil prices have come down from the level of $115 a barrel to $107 a barrel, which has opened up window for a domestic price reduction.
OMCs generally meet every fortnight to review crude prices in line with International trend. Last price cut of Rs 2.22 a litre happened on November 16. If this cut happens, this would be the second cut since the petrol was deregulated in June last year.
Since the petrol got deregulated, the price of petrol have been appreciated by six times to Rs 66.42 a litre, while diesel which is still under government's control has rose by 7.4% to Rs 40.9 a litre.
On the flip side, the Indian Rupee has been depreciated to the level of 52 against Rs 48 a dollar, which had minimized the effect of falling crude prices.