The powers that be has cut the price of petro by Rs 0.80 per litre and diesel by Rs 1.30 with effect from midnight, 15th April, 2015. This is the second time that the price of both fuels has seen a price this month, with both being slashed by Rs 0.49/litre and Rs1.21/litre respectively on April 2nd.
The welcome move follows a historic dip in crude oil prices since June last year, coupled with projections of sustained low levels in the year ahead and the beginning of direct liquefied petroleum gas (LPG) subsidy transfer.
Price of crude oil dropped around 60 per cent between June 2014 and January 2015, plunging to a six-year low of $47 per barrel globally in January. Despite a 17 per cent to $59 per barrel since then, it is estimated that oil prices will be at $55 a barrel in 2015, $65 a barrel in 2016 and $72 a barrel in 2017.
“Prices of petrol and diesel were last revised downwards with effect from April 2. Since last price change, the trend of international prices of petrol and diesel and INR-USD exchange rate warrant a further downward revision in prices, the impact of which is being passed on to the consumers with this price decrease,” Indian Oil said in a statement.
“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,” the company added.
All we can say here is, thank the stars for small favors.