Petrol, diesel to cost 30-40 paise less

State-run oil companies will pass on the fall in international crude oil prices to domestic consumers with cut in petrol and diesel prices this weekend, Petroleum Minister Ram Naik said on Friday.

“I am happy that international (crude) prices have fallen. Oil firms will pass on the relief to consumers in the review,” Naik said. Though Naik did not indicate the quantum of reduction in prices of petrol and diesel likely at the fortnightly review due Saturday, sources said the price cut may be around 30-40 paise per litre. The Indian basket of crude oil has averaged $23.76 a barrel in the second fortnight of November. Sources added the November 16 price cut of 68-81 paise per litre did not take into account the actual fall in crude oil prices in the first half of November when compared with October average.