Mumbai, Oct 3: State-owned oil companies are making profits of around Rs 2 per litre on petrol since September 16, but the relief has not been passed on to the consumers, reports Times of India.
The report said, there has been a fall in global crude prices and the rupee's rise against the dollar in recent weeks.
The calculations are based on a thumb rule formula given by IndianOil chairman R S Butola, which says that every time the Indian currency gains a rupee against the dollar, petrol become cheaper by 77 paise.
Similarly, for every one-dollar fall in crude oil prices, petrol prices become cheaper by 33 paise.
The average price of the Indian basket of crude oil has fallen by $3.74 to $109.9 during the fortnight of September 16-30 compared to the price of $113.64 in the previous fortnight.
During this period, the Indian rupee strengthened against the US dollar by Rs 1.82 to Rs 53.65, compared with Rs 55.47 in the previous fortnight.
In Pakistan, oil companies on Monday slashed petrol prices by Rs 6 a litre.
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