New Delhi, 31 May 2012

The price of petrol has been slashed by Rs 1.60 across the nation according to a report in Times Now. An official notification from oil marketing companies is expected to this affect soon. A partial rollback was widely expected, after the government faced massive opposition, including from its own allies, after it hiked petrol prices by a massive Rs 7.5 last week. The Economic Times first carried a report to this effect, that state-run oil marketing companies are ready to cut the price of the fuel by about Rs 1.67 per litre on 1 June when they undertake a ‘price review’.

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