The petrol and diesel prices have been slashed yet again by Rs 2.42 and Rs 2.25 respectively. Much to the relief the government this time did not hike the excise duty and the cut prices will come effective from Tuesday night. This is the tenth reduction of petrol prices since last August and sixth reduction in diesel prices.
Also thanks to the Indian Rupee which appreciated quite well in the month of January. Currently Rupee is trading at Rs 61.66 against dollar. Meanwhile the global crude oil prices continue to fall and this is a huge relief. Announcing the price cut, the biggest oil exporter in the country, Indian oil has released a statement which said, “The movement of prices in international oil market and rupee-dollar exchange rate shall continue to be closely monitored and developing trends of the market will be reflected in future price changes.”
The decrease of prices include state taxes too. In Hyderabad the petrol price stand at Rs 66.43 and it would be below Rs 65 with the new cut.