DIESEL AND PETROL PRICES ARE LIKELY TO REDUCE.....after a long time......

In today’s time when competition is increasing, economy is suffering through high inflation, the question of reduction in fuel prices mainly diesel and petrol even not arise in our minds. In January 2013, the UPA decided to deregulate diesel prices in stages through monthly 50 paisa a liter increases. Rates were last raised on August 31 after which losses have been wiped out. Rates have cumulatively risen by Rs. 11.81 per liter in 19 instalments since January 2013.but now as every one is saying…..good days are back….yeah, It’s for the first time after five years that both petrol and diesel prices are likely to reduce  w.e.f 16th cot 2014.you got it right. It’s not hike its reduction time now…

Diesel prices is likely to cut by rs.1.70 and petrol by 1 Rs. per litre.Prices may cut after assembly elections are completed on October 15, between Haryana and Maharashtra. This reduction in prices may result in profit on sale of diesel expand from rs.1.90 a liter calculated in the second half of Septembers average. Despite wiping out of under-recoveries or the difference between retail selling price and its imported cost, on sale of diesel on September 16 and the subsequent resultant over- recovery to Rs.1.90, the government has not cut rates due to election code.
     
Petrol on the other hand, had been deregulated in June 2010 and rates have since then moved every fortnight in tandem with the cost. Petrol rates last cut by 54 paisa on October 1 in line with international trend.
Oil industry wants diesel rates to be reduced to protect their market share which they otherwise would lose to private retailers who price the fuel in tandem with international prices..So just cross the fingers and hope for reduction in fuel prices after such a long time in this inflation time.

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