While We Didn’t Notice, Fuel Prices Have Been Falling Since Daily Revisions Were Introduced

While We Didn’t Notice, Fuel Prices Have Been Falling Since Daily Revisions Were Introduced

The one thing that pinches everyone is the price of fuel. Doesn’t matter if they ride a scooter or are chauffered in a luxury car, fuel prices hurt everyone equally. That’s why diesel cars sell more than petrol ones do.

That’s also the reason why there used to be long queues at petrol stations every time a price revision was announced. Not anymore though. Daily fuel price revision was introduced from 16 June this month so it doesn’t matter whether it was reduced or increased.

Bet you didn’t notice the price of fuel has dropped since then. On June 16, the price of regular petrol in Delhi was Rs 65.48/litre. The price today is Rs 63.31/litre. A drop of Rs 2.17/litre. Similarly for diesel. Price on June 16 was Rs 54.49/litre while today it stands at Rs 53.46/litre.
What’s more interesting is that the prices were reduced on a daily basis. Here’s the daily change in petrol prices.

So what’s the reason for the daily price drop? Well they are numerous. The price of crude oil, the value of the Rupee and even the cost of transportation of fuel makes a difference. But the fact that the revisions are being made on a daily basis has an impact too.

Earlier, the oil companies had to wait a fortnight before the prices could be revised and hence lose out. Now since the international market dictates the price the consumer pays, nobody loses out and the price changes are in smaller values.

 

 

Source Link – India Times

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