Petrol Prices expected to be Reduced by 2.50 INR by Independence Day

Wednesday 13 August 2014, 11:25 AM by

Fuel price has been a thing to worry about for automobile users for quite some time now. The ever-increasing price of fuel in the last couple of years has forced many people around the country to refrain from buying a car. Those who have made a purchase have made complaints against the high upsurge in the fuel price. Not only petrol, the price of diesel has also been hiked several times in the past two years. The constantly falling exchange rate as well as a number of scams is mainly to be blamed for this. However, there might be good news for people who drive cars in India, this Independence Day. There are speculations that the price of petrol might be lowered by 2.50 INR by 15th of August, 2014.

This means that the price of petrol will fall to 70 INR per litre. The primary reason for such speculations is the fact that the global prices of fuel are facing a downfall. If the rupee is able to hold its position or get better against the dollar, it is expected that this trend will be persistent for some time. In general, there is a review of prices every fortnight and 15th August is the time for the next. All eyes are focussed on this date as the whole country awaits a relief in the form of lowering of petrol price.

Petrol Prices expected to be Reduced by 2.50 INR by Independence Day |
Petrol Prices expected to be Reduced by 2.50 INR by Independence Day

Experts have opined that had there been a steady upheaval in the position of the rupee, the decline of fuel rates would have been steeper. There has been a depreciation of 70 paisa of the rupee against the dollar, which prevented the fall of petrol price to reach a margin of 3 INR. There has been a downfall of international gasoline prices by 7.5 USD per barrel, which is the main reason for the fall of fuel charges.

This news, once brought into effect, would definitely be a breather for the masses, especially in such a country, where the number of automobile users increase by the day. This would be the second time in succession when the prices of petrol were reduced. August 1 witnessed the first such depreciation of fuel value in about four and a half months. The country waits in anticipation for the good news on the eve of Independence Day.

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