The Government has announced that it has dropped the price of petrol by Rs 3.05 per litre and hiked the diesel price by 50 paise. This price hike bas been in effect from October 1 and will exclude local sales tax or VAT.
After raising the petrol prices seven consecutive times since May of this year, this is the first cut by oil marketing firms. Thanks to the new Reserve Bank of India governor Raghuram Rajan’s tough measures to control and strengthen the falling Indian rupee against the US dollar and also due to softening crude prices.
