Diesel and petrol prices are expected to be reduced by Rs. 1 yet again. If this happens, it will be the seventh price cut for petrol since August ’14 and the third price cut for diesel since deregulation.
Global oil rates are going down to an all time low, not that common man will complaint about it since fuel prices will continue to go down yet again. This price cut is expected to be effective as early as this Saturday.
Brent crude fell down to $80.85 per barrel and is resulting in this price correction. It has gone down by 30% since June and reports suggest that the global supply is outpacing the demand.
Fuel retailers such as Indian Oil Corp (IOC), Bharat Petroleum Corp (BPCL) & Hindustan Petroleum Corp (HPCL) have agreed that prices will be revised.
Source – LiveMint