Petrol and diesel prices have been cut down by Rs 2 per litre as international oil prices have slumped. This is the eighth time since August that petrol prices have been dropped and the fourth time diesel price has been cut.
The rate of crude oil back in June this year was USD 115 per barrel, which now costs USD 62.37 per barrel.
After the price of petrol and diesel that has been cut today, petrol has seen a price drop of Rs 12.27 per litre since August this year.
Diesel on the other hand has seen a drop of Rs 8.46 per litre in four separate reductions since October this year.
The constant reduction of petrol and diesel prices has had an effect on the automobile industry as well because there are many people who are willing to buy petrol cars.
Diesel vehicles however have seen a dip in sales due to the narrowing gap between the two fuel prices.
Further reduction in fuel prices could have more effect on people who are looking to buy cars in the future.