In music to the ears of commuters, the Union government has slashed the prices of petrol and diesel. Petrol price has been cut by Rs 2.41 a litre while diesel by Rs 2.25 per litre with the sudden dip in international oil rates. The fresh rates will be effective from today’s midnight.
This is the sixth reduction of petrol prices since Narendra Modi took over charge as Prime Minister of India. The government had on October 18 freed diesel prices from its control, giving freedom to oil marketing companies to adjust rates in line with cost. Then, rates were cut by Rs 3.37 per litre, the first reduction in price of diesel in over five years. The previous decline dates back to January 2009. Simultaneously, the price of non-subsidised cooking gas (LPG) was cut by Rs 18.5 to Rs 865 per 14.2-kg cylinder. Since August, this is the fourth reduction in rate of non-subsidised LPG.
Meanwhile, Gold rates were also declined by Rs 600 per 10 grams. With the strong US Dollar, Gold prices have hit four-year low and presently costing at Rs 26,500.