Zeebiz Bureau

New Delhi: State-run oil marketing companies may cut petrol prices by up to Rs 2 per litre at their scheduled review meeting on Friday with the rates of crude declining in the international market, media reports said.

The oil companies had on May 24 hiked petrol prices by Rs.7.54 a litre, the steepest hike in many months when average price of the Indian basket of crude oil stood at USD 116 a barrel. Crude prices have since fallen to USD 96 per barrel on Wednesday the lowest level in the last one year.

Later, the rate was reduced by Rs 2.02 a litre.

State-run oil marketing firms Indian Oil Corporation ( IOC), Hindustan Petroleum Corporation (HPCL) and Bharat Petroleum Corporation (BPCL) will meet today to decide on the quantum of reduction in petrol prices.

In the first 15 days of June, the Indian crude basket was trading at around USD 96 a barrel, down from USD 101.63 a barrel as compared to the last fortnight of May.

With Agency Inputs