Post the election of a new Prime Minister of India, we have been witnessing constant petrol and diesel price cuts. These slash down in prices is not because of the newly formed government. The fuel price cuts are due to international fall in prices of crude oil.
On 31st October, 2014 midnight the oil companies opted to cut down fuel prices. They have reduced petrol prices by Rs. 2.41 per litre and diesel prices have been lowered by Rs. 2.25 per litre.
Diesel prices were regulated by oil companies from the 18th of October. They were given freedom to price the fuel in accordance to international rates of diesel. Owners of vehicles that use diesel will surely breathe a sigh of relief as a decline in fuel price has come after a long wait.
The price of cooking gas that is LPG has also been reduced. This is the fourth time the government has reduced prices of LPG. They have reduced prices by Rs 18.50, now the non-subsidised LPG cylinder will cost Rs 865 for a single cylinder.
A slash in fuel prices are a welcome change and it is believed that it should bring down the inflation rate in India considerably. The common man and farmer will be relieved with prices of fuel lowering.
Credit has to be given to the BJP led government as they are making sure that every fuel benefit should be given to people of India. The oil companies also have no problem as they are not suffering major losses and can afford petrol and diesel prices at international market rates.