Towards better oil pricing

It is not often that petrol prices in India see a downward revision. In the last five years, petrol prices have been cut only on five occasions, with the last revision taking place on Wednesday. The significance of the latest price cut of about three per cent, however, lies not so much in the low frequency of such instances as in its timing. Less than a fortnight ago, oil companies had raised petrol prices by 2.7 per cent, which was the 13th such increase since the government decontrolled its pricing in June 2010.

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