India's largest fuel retailer Indian Oil Corporation (IOC), has said that the Petrol price may be cut next week if global oil prices continue to decline and the rupee remains stable against the US dollar. IOC chairman R S Butola told PTI that petrol prices have come down from USD 125 per barrel to USD 115 per barrel.IOC and other state-owned fuel retailers revise price of petrol based on the average international rate in a fortnight.Explaining the effect on petrol prices of rupee's 25 paise dip recently against the US dollar, Mr. Butola said that every one rupee dip against the dollar adds up to 90 paise per litre to the retail price. So, it is very essential that rupee should not depreciate. Also, oil prices should reduce for us to consider a reduction in petrol prices.