OMC’s may cut petrol prices by Rs 1.5/ltr

Here's some good news amidst all the gloom and doom. Reports suggest that given the sharp fall in international crude prices, oil and marketing companies are likely to cut petrol prices by Rs 1.5 per litre around August 15-16.

"If prices globally come down sharply, and in a stable way, naturally the price of petrol will be adjusted downwards," Oil Minister, Jaipal Reddy told reporters. "The softening trend must be stable."

Oil dropped more than 3% to $78 per barrel, as worries about an economic slowdown spread after Standard & Poor's cut the United States' top-tier credit rating late on Friday.