Petrol and diesel prices across the nation have again been reduced by Rs. 2.41 per litre and Rs. 2.25 per litre, respectively. The new prices would be effective from Friday midnight and reason behind this deregulation in prices is seen as falling international oil rates. This is the sixth reduction in prices of petrol since August.
This reduction in the prices of petrol and diesel is after accounting the 10-15 paise of increased commission being taken by the petrol pump dealers. The price deregulation would have been higher by 10-15 paise if the dealer commission hadn't been improved. As known, the Indian government led by PM Narendra Modi had released its control over the prices of diesel on October 18 and it was handed over to the oil marketing companies. The oil marketing companies were provided the responsibility of adjusting rates in line with the cost. And, on that very day, diesel price was reduced by Rs 3.37 per litre. It was the first reduction in diesel prices in over five years as the previous reduction occurred in January 2009.
Since August, petrol prices have been cumulatively down by Rs 9.36 per litre. As of now, the petrol and diesel prices in country's another metro city Mumbai read as Rs. 71.91 per litre and Rs. 61.04 per litre, respectively. After the reduction, the revised prices of Petrol and Diesel in National Capital New Delhi are Rs. 64.25 per litre and Rs. 53.35 per litre, respectively. Prices vary from state to state because of differential rate of local sales tax or VAT.