New Delhi, Oct 30 (Bhaskar News) : In some more cheers to common man, government may reduce prices of diesel and petrol by almost Rs. 2.50 a litre soon. The slashing of prices may take place ahead of assembly elections in Jharkhand and Jammu & Kashmir, reports suggest.
This will be the sixth consecutive reduction in petrol prices since August. It would be the first cut in diesel rates after the government deregulated the fuel in much-awaited reform.
After the deregulation, diesel prices were slashed by Rs. 3.37 a litre, the first reduction in diesel rates in over five years. Diesel rates were last cut on January 29, 2009 when they were reduced by Rs. 2 a litre to Rs. 30.86.
The planned reduction in auto fuel rates in the next few days would bring down petrol prices to a 16-month low and diesel prices to a level where it existed a year ago.
According to experts, dip in fuel price is result of a sharp fall in international oil prices.
Brent crude dropped to a four-year low of USD 82.60 per barrels two weeks ago from above USD 115 in June. It was trading at USD 87 per barrel on Wednesday.