Petrol and Diesel prices in India are getting cheaper day by day and dropping by margins of 30 to 70 paisa with the fall of International crude oil rates and the rise of the rupee exchange rate. Following this successive price cuts over a month, petrol price in Hyderabad is cut by 53 paise, diesel price is cut by 44 paise and settled at the prices of Rs. 78 and Rs. 74.96 respectively. In Vijayawada, the prices of Petrol and Diesel are Rs. 77.38 and 73.49 respectively.Compared to the above prices, petrol and diesel prices are now at their lowest rates in metro cities like Capital Delhi and Mumbai. A litre petrol price in Delhi and Mumbai are Rs. 73.57 and 79.12 respectively and a litre diesel price in Delhi and Mumbai are Rs. 68.49 and Rs. 71.71 respectively.
These price drops are not just on account of the falls of international crude oil rates but also lowering of excise duties and a cut in the VAT in several states. As per the instructions are given by Union Finance Ministry to lower down the fuel rates, now state rum oil retailers are bearing one rupee loss per petrol and diesel. The exchange rate of rupee also raised and trading at below Rs. 71 against the dollar. Now all eyes of International Oil Market on OPEC meeting which will be held on 6th December where the oil producers are expected to cut down the supply to boost the prices. Until the prices of petrol and diesel will get cheaper with the successive price drops.