Petrol price cut by Rs 1.82 per litre, starting tonite. This is 3rd time in Aug 2014 that rates have dropped, making the total petrol price reduction - Rs.10.09 /lt . The reason is simple, which an ECONOMIST MMS couldnt do but a Chaiwala did - Cut fuel import from Saudi Arabia by 6% and increased import from Iran . The calculation - forex is saved, as saudi accepts payment in USD only, whereas Iran accepts payment in importing nation currency, resulting in lowering Indias basket price
Posted on: Tue, 02 Sep 2014 11:27:55 +0000