In the last 40 days since the crude oil price has fallen sharply, fuel oil price in line has lost substantially in price providing a much sought relief for the masses. In the financial capital of India, Mumbai, petrol is selling with a cut of 41 paise at Rs. 79.62; in Delhi, Kolkata and Chennai, petrol is available for Rs 74.07, Rs 76.06 and Rs. 76.88 for a litre.
Just ahead of the elections, the government is encouraging massive expansion and oil marketing companies including BPCL, IOC and HPCL have in all invited bids for petrol pump dealership all across the country for as many as 55,649 petrol pump outlets.
"For a fast-growing economy like ours, energy needs are growing manifold. PSU Oil Marketing Companies (OMCs - BPCL, HPCL & IOCL) are undertaking Retail Outlet (Petrol Pump) network expansion in tandem with the growth in demand of Petrol and Diesel," a joint statement by the firms said.
In the international market, due to production glut in the US economy and OPEC's urge to reduce supply, crude oil has seen the biggest decline in price in almost 4 years time.