New Delhi: The price of Diesel may cut down by Rs. 2.50 per litre and less then Rs. 1 per litre on Petrol after Assembly election of Maharashtra and Haryana. Notify that price of oil had been fell to a 27-month low in International market.
Benchmark Brent crude today slid by as much as USD 1.35 to USD 90.76 a barrel, its lowest level since June 2012. Prices have declined 18 per cent this year.
The drop in rates will result in profit on sale of diesel expand from Rs 1.90 a litre calculated based on average rate prevailing in the second half of September.
Despite wiping out of under-recoveries or the difference between retail selling price and its imported cost, 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.
Notify that price of Petrol last cut by 54 paise on October 1 in line with international trend.
Sources said a petrol price revision will take place on its due date of October 15 as per the practice of fixing rates on 1st and 16th of every month based on average international prices in the previous fortnight.
Bureau Report
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