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Petrol, diesel prices may soften ahead of Diwali

NEW DELHI, NOV 4 (IANS) | Publish Date: 11/4/2020 12:36:02 PM IST

Petrol and diesel prices may fall marginally ahead of Diwali as oil marketing companies (OMC) are looking to pass some benefit of lower global oil prices to consumers.

Sources in PSU oil companies said that a revaluation of pricing structure for petrol and diesel would be taken up this week and even if there is a case for marginal decrease prices it would be done.

OMCs in India have been holding on to the retail prices of petrol and diesel for over a month now. Even on Wednesday, the price of two petrol products remained unchanged. With this, petrol prices have now been unchanged for 43 days while diesel prices have been the same as on October 2.

While average price of crude for Indian refiners was about $41-41.5 a barrel in September, it stood close to $40 a barrel in October.

The prices have fallen further in November that could trigger a reduction in primp price of petrol and diesel.

 

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