New Delhi: The public sector oil companies are likely to reduce petrol prices by about Rs 1.15 per litre from midnight tonight (Nov 15, 2004).

However, diesel prices are likely to remain unchanged, official sources said.

The decrease in petrol price would come close on the heels of Rs 2.20 per litre increase in petrol prices announced on November 4.

"The prices may be decreased due to the falling international prices. While petrol was at import parity, diesel was short of about Rs 1.24 per litre than the international price. Therefore the fall in international prices is only being transferred in case of petrol, while in diesel, the decline is being used to cover for losses," they said.