Petrol and diesel rates may dip
Oh, what wonderful news at last! Diesel and petrol prices is likely to fall by about Rs 2.50 per litre before the Jammu and Kashmir and Jharkhand assembly elections starting on November 25.
The price slash would automatically reduce inflation, with diesel rates lowering by 11% in less than two weeks.This is likely to happen due to a fall in international oil prices.
This would be the sixth consecutive reduction in petrol prices in three months, as well as the first in diesel following the government’s deregulation of fuel. After the expected reduction, it would flag petrol prices to an all time low since 16 months, while diesel would reduce to the price it was pegged at a year ago.
International oil price data reveal that companies show margins of about $7-8 per barrel on petrol and diesel in the current pricing cycle compared to the last fortnight. The rupee-dollar exchange rate variation is minimal, sources said. However, a definite figure would be known only by the weekend, after we get all the figures for the remaining three days.