On the eve of Diwali, petrol is cheaper by Rs 1.38 per litre from November 1, but diesel is costlier by 56 paise per litre in Delhi. The fuel price variation is because of strengthening of the rupee against the dollar and softer international gasoline rates. This is the second time that petrol prices have fallen in a month, giving consumers a breather.
After a sharp fall in international prices,oil companies had cut petrol rates by Rs 3.66 a litre in New Delhi on October 1. Although state oil marketing companies have raised diesel prices by 56 paise, they are still losing Rs 9.58 per litre revenue on the fuel, an Indian Oil Corporation executive said.
In January this year, the government allowed state fuel retailers to raise diesel prices in small doses every month until pump prices are aligned with market rates.
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