Petrol prices have been slashed by 1.68 rupees a litre across the country excluding taxes. It will be effective from midnight tonight. Minister of state for petroleum and natural gas Mr.R.P.N.Singh said that the decision has been taken after fortnightly review by the oil marketing companies as a result of fall in international oil prices. He however, maintained that this is not a partial rollback .

Last month, state oil retailers – Indian Oil Corp, Bharat Petroleum Corp, and Hindustan Petroleum Corp – raised petrol prices by 6.28 rupees excluding taxes. The move came under intense criticism from masses and political parties alike. The opposition led by NDA had also announced a country-wide bandh on Thursday in retaliation.

PM's economic advisor Dr C Rangarjan too said that the price should have been hiked in small steps. According to the chief advisor, the price hike was necessary to maintain fiscal prudence. He further advocated a rise in diesel and LPG prices.