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The decline in international oil prices augurs well for auto fuel consumers as petrol and diesel prices are expected to follow suit.
Due to increase in the international prices and depreciation of rupee, the retail prices of petrol and diesel have increased in the recent months. In New Delhi, the price of petrol increased to ₹82.83 a litre and the price of diesel increased to ₹75.69 per litre. However, for last eight days, international oil prices have fallen and rupee had also appreciated.
“In line with these developments, retail prices of petrol and diesel in Delhi have come down to ₹80.85 per litre and ₹74.73 per litre respectively. This means, in the last one week, retail prices have registered a reduction of ₹1.98 per litre on petrol and ₹0.96 per litre on diesel,” a government official said.
“As per the assessment, the retail prices of petrol and diesel may reign easy in the next few days,” the official added.
In order to provide relief to the consumers from the high fuel prices, the central government decided to reduce the excise duty on petrol and diesel by ₹1.50 a litre, on October 4 . Oil marketing companies were also asked to reduce their margin by ₹1 a litre. This move eased the prices by ₹2.50 a litre.
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