The prices of petrol and diesel have been reduced again by the public sector oil companies. Petrol price falls by Rs.2.42 per litre and diesel by Rs.2.25 a litre due to the sharp decline in global crude oil prices.

With crude oil prices slumping to a six-year low, the reduction could have been to the tune of Rs.4 but the government chose instead to hike the excise duty by Rs.2 per litre on both petrol and diesel in order to curtail the country's fiscal deficit.

In Delhi, petrol will cost Rs.58.91 a litre, down from Rs.61.33 a litre that consumers were paying until now. This is the lowest price for the oil in the last 44 months. Similarly, diesel will cost Rs.48.26 a litre in Delhi, the lowest since April 2013, compared to Rs.50.51 until Friday.

This is the ninth straight reduction in petrol prices since August and fifth for diesel since October.

Related News

:
:
: