Petrol and diesel prices have been cut on Friday, 31st October by Rs. 2.41 and Rs. 2.25 / litre respectively.
With prices of crude oil dropping internationally, this price cut will surely give some relief to the Indian two-wheeler + four-wheeler owners. Diesel was deregulated almost a month back, and this is the first price reduction since deregulation.
The price cut still accounts for 10-15 paise being provided to petrol pump operators as commission. If this commission was not included, the reduction in price could have been marginally higher. Nevertheless, a good decision. Also since the automobile industry is recovering from the sales slump.
Petrol price has been reduced by a total of Rs. 9.36 since August this year. The diesel price has also been reduced for the second time this month, and will surely bring down the cost of commodities such as vegetable which are primarily transported via vehicles.
Also, non-subsidised cooking gas (LPG) has seen a price reduction of Rs.18.5 / kg.
People are giving credit to the Modi-led government to bring in such positive results within months of coming into power.
Source – ET Auto