Petrol and diesel prices see a small reduction yet again

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The fuel prices in the country witnessed yet another cutback, although a mild one, with petrol and diesel prices falling by 91 paise and 84 paise respectively. With this price cut in effect, a litre of petrol would cost Rs 63.33 in Delhi while similar quantity of diesel will cost 52.51. Mumbai prices for petrol and diesel stand at Rs 70.95 and Rs 60.11 respectively. This is the seventh consecutive price cut for petrol and third for diesel in the last four months.

Commenting on the price cuts, country’s largest fuel retailer, IOC, said in a statement, “Since the last price changes, the international prices of both petrol and diesel have continued to be on a downtrend. The rupee-dollar exchange rate has however appreciated since the last price change. The combined impact of both these factors warrant a decrease in retail selling prices of both petrol and diesel. The movement of prices in international oil market and rupee-dollar exchange rate shall continue to be closely monitored and developing trends of the market will be reflected in future price changes.”

Falling fuel prices will have a positive impact on the end prices of many good and services as the transport cost reduces in the process. Share your thoughts and opinions about this petrol and diesel price cut with us through comments below.

With inputs from PTI

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