New Delhi: The petrol rate increase may come down by 60 to 80 paise per litre, to make it a raise of Re. one only, to appease vehicle riders/owners in the country by next week.

The Indian Oil Corporation agreed to reduce petrol rates as crude oil on international market hit a lower price recently. But if rupee value does not collapse, the reduction may be worthwhile.

It could be the first rate cut in 2 years after 2009, if next week petrol rate comes down, but remember, petrol price was raised 4 times just in 2011.