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Petrol And Diesel Prices Likely To Be Cut Down By Rs 2.50 Per Litre Today; Petrol Price To Have 6th Successive Cut

BI India BureauOct 31, 2014, 11:51 IST

The common people of India might soon have something to cheer about as oil companies is planning to further cut down the prices of petrol and diesel by Rs 2.50 per litre. The measure will bring some respite from inflation, which has been skyrocketing for long.

A sharp decline in crude oil prices has prompted the oil marketing companies (OMCs) to take this measure. This is going to be the sixth consecutive reduction in petrol price since August this year. It will be the first reduction in diesel price since it was decontrolled on October 18. Before this, diesel price was previously reduced in 2009 by Rs 2 per litre.

The current price of petrol is Rs 66.65 per litre in Delhi and Rs 74.46 per litre in Mumbai.

This price cut comes ahead of the Assembly elections in Jharkhand and Jammu and Kashmir. But this will not violate the model code of conduct as the prices of both petrol and diesel have been deregulated.