The fall in international oil rates last month led oil companies in the country to cut the price of petrol by Rs 2 per litre. This reduction came effective from last night and with VAT, the reduction could be more. In Hyderabad, the petrol price stands at Rs 72.83 per litre after cutting Rs 1.
However, the government did not make any changes in the diesel prices but sources say that on October 20th a decision could arrive. The expected decrease could be around Rs 2.50 per litre and it will be the first time in four years. Since India is major dependent on diesel, it is regulated by the government. State owned oil companies are making profits with diesel for the first time history with low international rates.