Due to softening of Global Oil Prices there has been reduction in Auto fuel prices. Petrol Price was slashed by four paise a litre and diesel by three paise a litre. Government raised excise duty to deny consumers full benefit of falling international oil prices.
Right now, Petrol at Delhi will be available for a price of Rs.59.95 per litre abd Diesel will be sold at a price of Rs.44.78. The early prices were Rs.59.99 and Rs.44.71 respectively.
According to Indian Oil Corporation (IOC), the reduction should have been Rs.1.04 per litre in petrol and Rs.1.53 in diesel because of a USD 4 per barrel fall in international rates in the last fortnight.
This is the fifth time, the prices were reduced in two months time. Rates were last cut by 32 Paise for petrol abd 85 paise for diesel.The repeated decline in prices is a common factor from IOC.
