Petrol prices have gone down for the second time. Earlier on September 30, it had gone down by Rs 3.05 per liter, which was the first reduction in the last five years and the mist steepest one.
The reduction owes to the softening of global oil prices and the appreciation of the rupee.
The increase in diesel prices are ineffective in saving the oil market companies as they are suffering a loss of nearly Rs 10 per litre on selling the fuel at subsidised rates.
Even rates after today's increase in diesel prices, the oil marketing companies are suffering a loss of nearly Rs. 10 per litre on selling the fuel at subsidised rates. In addition to this, the oil companies are losing Rs.35.77 per litre on kerosene and Rs 482.50 on each subsidised LPG cylinder. In the current fiscal year, oil companies are expected to endure a loss of Rs. 1,35,900 crore on selling petro products at subsidised rates.
OneIindia (With Agency Inputs)