Petrol, diesel rates likely to be cut by Rs 1
Posted on: 13/Nov/2014 11:23:35 AM
Petrol and diesel prices are likely to be cut by close to Rs 1 per litre this weekend on sliding global oil rates.This would be the seventh reduction in petrol prices since August and the third in rates of diesel since its decontrol in October.
State-owned fuel retailers Indian Oil Corp (IOC), Bharat Petroleum Corp (BPCL) and Hindustan Petroleum Corp (HPCL) following the fortnightly review practice, are due to revise rates of petrol and diesel on Saturday.
In all probability, rates will be reduced if the current trend of declining international oil prices continues.
Petrol price was last cut by Rs 2.41 a litre on November 1. On the same day, diesel rates were reduced by Rs 2.25 per litre. A litre of petrol today costs Rs 64.25 a litre.
Since August, petrol price has been cumulatively cut by Rs 9.36 per litre.
Diesel price was for the first time in more than five years cut on October 19 by Rs 3.37 a litre when the government decided to deregulated the fuel. This was followed by another cut on November 1 and diesel currently costs Rs 53.35 a litre.
