The prices of petrol & diesel are reduced due to falling prices of crude oil in the international market and the appreciation of Indian Rupee against the US $.In Chennai, petrol costs less by Rs. 2.50 per litre and diesel, by Rs. 2.43 per litre. This was effective from yesterday midnight.
Now, petrol costs Rs. 58.58 per litre & diesel, Rs. 48.91per litre.
It is the first time in 5 years when petrol price has come below Rs. 60/- per litre!
Oil Corporations will revise the prices of petrol & diesel twice a month as per the fluctuation in the crude oil prices in the international market.
There has been continuous trend of fall in the prices of crude oil in the international market over the last 6 months. At the same time the value of Indian Rupee has appreciated against the US $.
Oil corporations attributed these 2 reasons for the petrol & diesel price reduction.
Price of petrol has been reduced for 10th time since August and that of diesel, 6thtime from October.
The last price reduction was on 17th December.
The total reduction since August for petrol has been Rs. 17.75 per litre. The total reduction in prices for diesel since October is Rs. 14.01 per litre.
However, the production (manufacture) tax was raised 4 times since last November.
The tax is Rs. 7.75 per litre for petrol and Rs. 7.50 per litre for diesel.
If these taxes were not increased, the prices of petrol & diesel would have fallen steeply further.
The price of petrol in Chennai on 9th November, 2001 was Rs. 57.44. After that, the price has touched the same level only now (January, 2015).
Diesel was sold at Rs. 49.98 per litre on 14th September, 2012. After that, the price has reduced blow 50 only now.
Assembly elections are scheduled for New Delhi on 7th February. Various political parties have protested against the petrol/diesel price reduction in this scenario.
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