Cheer up! Diesel, petrol prices likely to drop by Rs 2.50 per litre

New Delhi, Oct 30: Now here is a reason to cheer up.

and petrol prices are likely to drop by about Rs 2.50 per litre ahead of the Jammu and Kashmir and Jharkhand assembly elections.

According to Ecomomic Times (read here), this could be the sixth consecutive drop in pertol prices since August and the first reduction in diesel prices after government deregulated fuel.

If the fuel rates do drop, petrol could be at an all time low since 16 months and diesel diesel prices to a level where it existed a year ago.

According to industry experts, the dip in the fuel price is due to a result of a sharp fall in international oil prices.

After the deregulation, diesel prices were slashed by Rs. 3.37 a litre, the first reduction in diesel rates in over five years whereas the last cut in diesel rates was in January 2009.

OneIndia News