New Delhi: Petrol and diesel prices are likely to be cut by close to Re 1 per litre this weekend because of lower global crude oil price.
This would be the seventh reduction in petrol prices since August and the third in rates of diesel since its decontrol last month. State-owned fuel retailers Indian Oil Corp, BPCL and HPCL, following the fortnightly review practice, are due to revise rates of petrol and diesel on Saturday.
In all probability, price will be reduced if the current trend of declining international oil prices continues, industry sources said.
Petrol price was last cut by Rs 2.41 a litre on November 1. On the same day, diesel rates were reduced by Rs 2.25 per litre. A litre of petrol in Delhi on Wednesday cost Rs 64.25 a litre. Since August, petrol price has been cumulatively cut by Rs 9.36 per litre.
Diesel price was cut for the first time in more than five years on October 19 by Rs 3.37 a litre when the government decided to deregulate the fuel. This was followed by another cut on November 1 and diesel currently costs Rs 53.35 a litre in Delhi.
Prior to the October 19 reduction, diesel rates were previously cut in January 2009.
