This is due to the price of international crude oil falling to USD 88 per barrel, now oil companies in India are likely to slash the prices by Rs 1.50-2.50 from October 15.
If the price of diesel is cut, it will be the first cut in over 5 years while the price of petrol has been changed from time to time.
Indian oil companies already started slashing the price of petrol across the country but the price change in diesel was put on hold as prime minister Narendra Modi was to return from the US.
The state-owned oil firms had skipped raising rates on September 16 even though their cost had gone up. However, they cut the prices in view of the downward trend in international markets, reported media.
Therefore, with the price of crude oil falling to over two-year low, sources say that oil firms in India are likely to cut prices again on October 15.