Motorists to start new year with cheaper petrol, diesel

New Delhi: Petrol and diesel may get cheaper from midnight on the back of sliding global oil rates. This will be the ninth consecutive reduction in petrol prices and the fifth cut in diesel rates since its deregulation.

Though there is a steep fall of $9-10 per barrel in India’s average crude oil import bill, the gains are limited on account of rupee depreciation, officials said.

The average value of the rupee has dropped to 63.26 per dollar compared to 61.95 two weeks ago.

Last time the government reduced the petrol and diesel prices by Rs 2 per litre each. In Delhi, petrol costs Rs 61.33 a litre, while in Mumbai it is Rs 68.86. Rates differ from state to state because of varied rates of local sales tax or VAT.