Diesel prices to come down
Posted on: 02/Oct/2014 10:24:49 AM
Diesel prices are likely to come down with a couple of days. Diesel price is likely to be cut by about Rs 1 per litre, the first reduction in rates in over five years, while petrol price may be slashed by Rs 1.75.State-owned oil firms are likely to announce reduction in rates, made possible because of softening in international oil rates, this evening, government and industry sources said.
Under-recovery or the difference between retail price and its imported cost was wiped out and there was an over-recovery of 35 paise a litre from September 16. This over-recovery is now about Rs 1 a litre. Diesel rate likely to be cut by Rs 1/litre, petrol by Rs 1.75
While the government had resisted the temptation to cut rates then, prices are likely to be reduced at the fortnightly review due today.
