Petrol, Diesel Prices Finally See A Significant Drop In The Prices After Two Years.

After two years of constant hike in the prices, Petrol and diesel prices finally saw a cut in excise duty bringing some relief to the consumers.  Nirmal Singh 3C Company said that for the past few years, the prices for petrol and diesel are being revised on a daily basis, and in more than 2 years span have they seen an effective cut in the prices. As per the current revision, prices of diesel have fallen by ₹ 2.25 per litre in Delhi and Kolkata, ₹2.38 in Mumbai and ₹ 2.41 in Chennai, w.e.f. October 4, 2017. As compared to the prices on October 3, diesel would be ₹ 59.14 in Delhi, ₹ 61.8 in Kolkata, ₹ 62.82 in Mumbai and ₹ 62.3 in Chennai, according to Indian Oil Website.

And same is the case for petrol prices. Even they saw a sharp drop in the four cities, nearly ₹ 2.5 per litre in Delhi, Kolkata and Mumbai and ₹ 2.6 in Chennai. Nirmal Singh 3C Company said that after the current drop, the petrol prices w.e.f. October 4, 2017 would be ₹ 68.38 in Delhi, ₹ 71.16 in Kolkata, ₹ 79.99 in Mumbai and ₹ 73.48 in Chennai.

Nirmal Singh 3C Company said that the cities saw a drop in the prices after the government on Tuesday cut excise duty on Petrol and diesel by ₹ 2 per litre each. The high in the prices of the fuel globally in the past two years have increased the geopolitical tensions and demanded the government to take the following step. This cut on the excise duty on diesel and petrol would cost the government ₹ 26,000 in annual revenue and about ₹ 13,000 crore during the rest of the current financial year, ending March 31, 2018.

Nirmal Singh 3C Company the rate change that took place every fortnight since June 16 were revised daily to pass on any movement in international oil prices to consumers and the current move would hence avoid these small changes in the prices every other day.

He continued that this is a great step by the government to stabilize the uneven changes in the prices of the fuel in the country happening so frequently and this being a new step keeping in mind the activities of the past two years, it would be great to see how it effects the fiscal policy of the country as well  as its international prices.