New Delhi: With the price of international crude oil falling to over a two-year low of USD 88 per barrels, oil companies in India are likely to slash the prices of petrol and diesel by Rs 1.50-2.50 from October 15.
On September 30, oil companies had slashed the price of petrol across the country but the price of diesel was put on hold waiting for PM Narendra Modi to return from the US.
The state-owned oil firms had skipped raising rates on September 16 even though their cost had gone up. However, they cut the prices in view of the downward trend in international markets.
Despite erasing the under-recoveries on sale of diesel on September 16 and the subsequent resultant over- recovery to Rs 1.90, the government has not cut rates due to election code being in force for the assembly elections in Maharashtra and Haryana.
If the price of diesel is cut, it will be the first cut in over 5 years while the price of petrol has been cut or raised from time to time.
Bureau Report
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