The petrol and diesel price crisis has finally taken a halt in the country with rates reduced by Rs 4.05 and Rs 2.33 respectively in the 18 days. This gives a sigh of relief to the commuters with the festive season approaching. The petrol and diesel prices were on a constant high since mid August due to speculations in the international market. Since then it is the first instance wherein the oil market has shown a soft opening. The state owned fuel retailers through a notification issued the information about Petrol and Diesel prices slashed down by 21 paise and 17 paise respectively.
The prices in Delhi stood at Rs 77.14 till 15th August, there was a hike of Rs 6.86 per litre in Petrol during these two months. This was due to the increase in the prices in the international market with the countries eventually leading into deadlocks regarding trade. The Government cut down the excise duty on Petrol and Diesel and also came into contract with the state owned retailers to further subsidize the rates, but this was not of much use due to the increased prices of the oil market.
There have been sources suggesting even a furthermore decline in the prices of petrol and diesel in the coming days. Also with the Rupee being appreciated in the international market and the oil industry becoming more stable, this depreciation in the prices is highly appreciated by the commuters.
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