Petrol Price Rollback: Oil Retailers to Cut Petrol Price by Rs 2 Per Litre

State oil retailers - Indian Oil Corp, Bharat Petroleum Corp and Hindustan Petroleum Corp have agreed to rollback petrol price by Rs 2 per litre following public outcry over its decision to hike fuel price last month.

The decision of the oil retailers to cut petrol price came after the BJP-led National Democratic Alliance (NDA) and several other political parties staged Bharat Bandh on Thursday to protest the steep hike in petrol price.

Sources said that the state-owned oil companies will cut petrol prices by Rs 2 per litre, which will come into effect from Sunday.

Petrol cost Rs 73.18 per litre in Delhi after the recent hike. After Rs 2 cut, it will cost Rs 71.18 per litre in Delhi.

The BJP-led National Democratic Alliance (NDA), the Shiv Sena, the Republican Party of India (RPI) and other political parties called for Bharat Bandh on Thursday and halted the normal life of the people across the country to protest against the steep hike in petrol price. Even UPA allies like Trinamool Congress and DMK protested the hike.

State-own oil companies hiked the price of petrol by about Rs 7.50 per litre last month, inviting wrath from various political parties and the public.

The Bharat Bandh on Thursday halted the normal life of the people in several parts of the country.

Schools and colleges, shopping stores and business establishments were closed in several parts of the country to avoid any untoward incidents. Movement of trains and vehicles has been hit hard, causing trouble to the common man. Several state-run buses were burnt in a few cities and many vehicles damaged by the protestors.

The UPA government had earlier ruled out rolling back the price of petrol, arguing that it has nothing to do with fuel price, as it was deregulated nearly two years ago.