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Oil marketing companies on Tuesday reduced petrol price by mere 50 paise a litre and diesel by just 46 paise per litre despite crude oil prices touching 11 years low. On Friday, the worldwide crude oil price of Indian Basket was at United States dollars 35.72 per barrel.
RAC Fuel Watch spokesman Simon Williams said oil’s fall in price to a near seven-year low combined with a boost in supply “should make it possible for diesel to be sold for under £1 a litre by the vast majority of retailers”.
There is speculation that the Modi government may once again hike excise duty on petrol and diesel, so decrease on fuel prices has been less than expected.
Karolina Edwards-Smajda, Auto Trader retailer and consumer products director, said, “One of the most interesting observations for the year-on-year November period has been the rise in market share of alternative fuel vehicles, giving the industry more insight into the UK’s growing appetite for electric and hybrid vehicles”. 21 in the second half of November for the previous cut.
Indian Oil Corp (IOC) will decrease the price of diesel by about 1 percent from Wednesday and that of gasoline by 0.8 percent, reflecting changes in global fuel prices.
The government had collected ‘99,184 crore in excise collections from the petroleum sector in 2014-15.
“The movement of prices in the worldwide oil market and INR-USD exchange rate shall continue to be monitored closely and developing trends of the market will be reflected in future price changes”, IOC said.
