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Diesel may go down by Rs 2.50 per litre
POSTED BY : NewsManMedia_Admin
POSTED ON : 09 Oct 2014

New Delhi October 9: Rs 2.50 per litre cut in diesel prices and a little less than Re 1 a litre on petrol is in offing as international oil rates fell to a 27-month low.Prices may be cut after Maharashtra and Haryana assembly elections are completed on October 15, sources privy to the development said.
Benchmark Brent crude slid by as much as USD 1.35 to USD 90.76 a barrel, its lowest level since June 2012. Prices have declined 18 percent this year. The drop in rates will result in profit on sale of diesel expand from Rs 1.90 a litre calculated based on average rate prevailing in the second half of September. Despite wiping out of under-recoveries or the difference between retail selling price and its imported cost, on sale of diesel on September 16 and the subsequent resultant over- recovery to Rs 1.90, the government has not cut rates due to election code.
Petrol on the other hand, had been deregulated in June 2010 and rates have since then moved every fortnight in tandem with the cost. Petrol rates last cut by 54 paise on October 1 in line with international trend.
Sources said a petrol price revision will take place on its due date of October 15 as per the practice of fixing rates on 1st and 16th of every month based on average international prices in the previous fortnight.

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