Oil Marketing Companies are expected to reduce the petrol and diesel prices this week following the fall in prices of crude oil globally.
This year has proved to be more than worthwhile for the common man. Petrol prices are expected to fall for the 7th time after the new government took over Prime Minister’s Office. This time, petrol is expected to fall further by Rs. 1.50 per litre. Fall in crude petrol prices globally has resulted in OMCs’ shares rise and if the market gurus are to be trusted, it is supposed to bring us more smiles. This would be 3rd time for diesel prices to go down after it was deregulated on October 18 this year. After deregulation, diesel prices had fallen by Rs. 3.37 per litre on October 19.
The OMCs are expected to reduce pump prices of petrol and diesel by about Rs. 1 per litre by the end of this week. Presently, the prices are already 10-13% cheaper than their peak values earlier this year.
“The international prices of both petrol and diesel have continued to be on a downtrend. The rupee-dollar exchange rate has appreciated slightly since the last price change. The combined impact of both the factors warrants the decrease in retail selling prices,” Indian Oil Corporation had said a few days ago.
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