As the year is coming to an end, for the eight time in a row Petrol and for the fourth time Diesel prices in the country have been slashed bringing joy to motorists. The prices have been slashed by Rs. 2 per liter thereby reaching a five-year low mark. Prior to this petrol prices had slumped by about 91 Paise per liter and diesel dropped by 84 Paise on November 30.
A statement released by Indian Oil in this regard states, “Since the above price changes, the international prices of both petrol and diesel have continued to be on a downtrend. The Rupee-US Dollar exchange rate has however appreciated since the last price change. The combined impact of both these factors warrant a decrease in retail selling prices of both petrol and diesel.”
Global oil prices have been steadily declining since June this year and has come down to about $115 a barrel. In the two excise duty hikes, the government has reportedly raised its revenue by about Rs 10,600 crore in this fiscal year alone. The fluctuation in international oil market pricing shall be closely monitored and further drop benefit shall indeed be passed on the domestic consumers as well.
