The news may not provide you a huge relief, but it’s better than none. The oil marketing companies may be cutting the petrol prices by Rs. 1 per litre, but there is also a chance that diesel may cost more. The price change may become effective from March 15th or 16th. The diesel prices may be raised by 50 paise per litre.
The deduction in the petrol prices has come on the account of the global dip in the crude oil prices and stronger rupee condition. The Global prices for crude oil have dropped by about $3 per barrel in the last fortnight. This will allow state owned firms to revise the prices of Petrol. The value of rupee will also be one of the leading factors in deciding the price cut. Other than this, diesel prices will continue to increase until the Rs.11 per litre losses on diesel is recovered. Currently, the price for the diesel will be raised by about 50 paise per litre.
Petrol prices have already witnessed two hikes earlier this year with about Rs. 1.50 per litre on February and then by Rs. 1.40 per litre in March. Petrol is a decontrolled commodity in India and oil companies are allowed to control the prices on the basis of the global crude oil prices. Diesel is also partially decontrolled as oil companies can increase the prices marginally by up to 50 paise per month.
Price of diesel have already been revised by over Re.1 per litre in last two installments and the price hike will continue until the above stated loss of about Rs. 11.26 per litre is not eliminated.
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