Motorist in the country have a new reason to cheer. As per a fresh update, petrol price has come down by Rs. 2.42 per litre, whereas the diesel trim further goes down by Rs. 2.25 per liter. The global crude oil prices have indeed come down to the lowest mark in six years. The prices would have come down further by Rs. 2.00 per liter but this benefit could not be passed on to consumer due to hike in excise duty.
This is indeed a ninth straight reduction in petrol prices since August and fifth reduction in diesel prices since October. With revised prices, petrol now costs about Rs. 58.91 a litre, whereas diesel now cost about Rs. 48.26 per liter. The excise duty hiked by the finance ministry would be utilized in the development of infrastructure projects in the current and next financial year.
When Dharmendra Pradhan, Petroleum Minister was questioned as to why oil firms are not cutting down prices despite a 4% fall in global rates, he replied back stating that pricing has not in their hands and is indeed controlled by oil companies as the prices for both diesel and petrol have been deregulated.
