Petrol and diesel prices had witnessed an all time high in the beginning of 2014. Diesel prices have been deregulated from 18th October, 2014. The international Brent Crude Oil prices have been coming down consistently.
Now for the seventh time since June, 2014 both petrol and diesel prices will witness a dip once again. The shares of oil marketing companies have risen and a reduction in fuel prices at pump levels has occurred as expected.
The price of Indian Basket in October, 2014 was INR 5,146.16 per bbl, however, in November, 2014 it has fallen to INR 4,969.30 per bbl. This is a huge fall and the benefit will be provided to consumers within this week.
Polls are supposed to be contested in Jharkhand and Jammu Kashmir. These fuel prices have not been reduced by the government. The reduction in petrol and diesel prices are due to international oil prices falling. Indians will be able to benefit from this reduction soon.
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Oil Manufacturing Companies are expected to slash petrol as well as diesel prices by a rupee. This reduction could come into effect by this weekend itself. This will be the seventh time post June, 2014 that fuel prices would have been reduced in India.
This is good news for Indians, however, we need to realise a vital fact. Oil prices are currently falling, but they will soon rise as well and oil manufacturing companies will increase the prices then. The fluctuation in oil prices will always be passed onto us, whether they increase or reduce.