Mumbai In what could be a festival gift for consumers from oil marketing companies, the price of petrol has been reduced by 95 paise per litre effective Friday. But the relief may be shortlived as state-owned retail entities have expressed concern over the “significant” volatility in dollar-rupee exchange rate that may end the present run of price cuts for petrol.

Oil companies last reduced petrol prices on October 8 marginally by about Rs 0.57 per litre on account of softening of product prices globally on weak demand.