New Delhi: According to Government sources, petrol prices are likely to go down soon. International oil prices have hit its lowest mark in the last six years. Thereby making use of the slide in the international markets, the oil companies are likely to pass on the benefit to its consumers.
If the prices are reduced, it would be the ninth straight reduction in the price of petrol since August, 2014.
The last reduction in petrol and diesel prices took place on December 15. The price per litre was slashed by Rs. 2.
Oil companies review the prices of petrol and diesel every fortnight depending on international crude prices.
Fuel prices were due for revision on January 1, but the government decided to raise excise duty on both branded and unbranded petrol and diesel by Rs 2 per litre each on the same day and the retail rates were kept unchanged by oil companies.