The price of petrol is likely to be cut by Rs5 while that of diesel is likely to be cut by Rs2. The Centre may also lower the price on cooking gas
With crude oil prices trading near four-year low, the Government is likely to cut fuel prices either on Friday or over the weekend, according to media reports. The long-overdue move would curtail inflation further, which has slipped from a 16-year high hit in August.
The price of petrol, which is currently sold for Rs50.60 per litre in Delhi, is likely to be cut by Rs5, while diesel, for which consumers are charged Rs35.86 a litre, is likely to be lowered by Rs2, reports quoted Petroleum Ministry official as saying. The Centre may also lower price on cooking gas.
Public sector oil firms have seen margins turn positive from November but the Government did not want to revise prices as the Model Code of Conduct for elections was in place that bars it from making any major policy announcement.
Voting in Rajasthan ended on Thursday, bringing the curtains down on assembly elections in four major states - Delhi, Rajasthan, Madhya Pradesh and Chhattisgarh. Polling in Jammu & Kashmir - one of the six states that went to elections - would end on December 24.
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