Diesel and petrol prices are expected to be reduced again before the assembly elections in Jharkhand and Jammu & Kashmir. The prices for both diesel and petrol are expected to be reduced by about Rs. 2.50 / litre.
This will be a diesel price cut of up to 11% within two weeks and the first diesel price correction since deregulation. For petrol, this will be the sixth consecutive price reduction. Petrol prices will now be on a 16 month low after this price reduction and the diesel prices will be priced as it was last year. Crude prices are on a four-year low and hence, the price correction.
The exact price correction will be announced within the next two weeks. The election code of conduct, which means, reducing prices to lure voters does not hold true to the diesel and petrol prices anymore since they are deregulated and are fixed by the industry based fluctuations.
Whatever is the case, this is good news.
Source – ET Auto