Cut In Petrol Prices Likely From Nov 16

<?xml version="1.0" encoding="UTF-8"?><root available-locales="en_US," default-locale="en_US"><static-content language-id="en_US"><![CDATA[<p>State-run retailers may cut petrol prices excluding local tax by at least 60 paise a litre from November 16 as softening Singapore prices have partially offset the impact of a declining rupee, an industry source said on Friday.<br><br>It would be the first decrease since June 2010 when the Congress-led government freed petrol prices. A series of hikes since then have drawn criticism from political allies and stirred public outcry amid high inflation.<br><br>"If the rupee continues at current levels and if Singapore FOB (free on board) gasoline spot prices continue to average $115.80 a barrel, oil companies may reduce basic prices by at least 60 paise a litre," the source, who requested anonymity, told Reuters.<br><br>Last week state-run oil retailers raised petrol prices by Rs 1.50 a litre, which rose to Rs 1.80 a litre after adding local taxes in Delhi. <br><br>(Reuters)</p>