Good news for the consumer as petrol prices may soon be slashed. According to credible information, the petrol price might be reduced to five rupees per liter while the diesel may shed six rupees per liter and help to reduce the burden in the next 15 days.
This expected reduction in the price of its products is mainly attributable to a recent decline in the global crude oil prices which currently stand at $79 per barrel. Also, there has been continuity in the stability of the rupee to the dollar over the last nine days which also promotes the required conducive environment for the slashing of petroleum prices.
The exercise of reviewing the new global crude oil prices will be ongoing till the 30th of August after which another summary of new prices of petroleum products shall be compiled and submitted on 31st August. It has been understood that the Finance Minister will announce the new prices officially once he consults the Prime Minister.
