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Petrol prices likely to be cut by Rs 1.50 this week

India TV Business Desk 11 Nov 2014, 9:49:47 AM IST
India TV Business Desk

New Delhi: In a major relief for the common man, petrol prices may be cut by Rs 1.50 per litre this week.

If this happens, it would be the seventh reduction in a row since the Narendra Modi government assumed the office in New Delhi in May this year.

Fall in global crude prices in international market is likely to propel Oil Marketing Companies (OMCs) to slash the price of petrol.

It is expected that the reduced prices will further bring relief to farmers, poors and also bring down inflation.

Recently, the government had deregulated the price of diesel following which its prices were slashed twice.

The move indeed shows the commitment of the Modi government towards the poor, the farmers and the common public.

Meanwhile, the modified direct cash subsidy transfer for LPG consumers will be launched in 54 districts from November 15 and all over the country from January 1.