By Srinivas Chowdary Sunkara // petrobazaar // 5-11-17
PETROL AND DIESEL PRICE CHANGE DURING THE OCTOBER MONTH
DIESEL AND PETROL PRICE - MONTHLY ANALYSIS
During the month of October, Petrol prices have come down by Rs.1.6 paise with a change of 2.12% while Diesel prices are brought down by Rs.1.16 or 1.91% change in the Capital City of India.
The Central government initiative to decrease of Rs.2 per ltr in excise duty on petrol and diesel in the first week of Oct along with the strong rupee, partly helped to cap the inflation in motor fuel prices in Oct. Heeding the Central Government's appeal to further reduce the price burden on consumer, Gujarat announced a 4 % cut in VAT while Maharashtra reduced Rs.2 per ltr of diesel and Rs.1 per ltr of petrol resulted into net savings of Rs.1.99 and 97 paise respectively during the 2nd week.
The average global price of Indian crude basket is increased by Rs.199 with 5.46% change upwards after factoring positive change of 27 paise in INR/USD during Oct. Brent and WTI prices are spiked by $3.83 and $2.71 a barrel with a 6.82% and 5.35% increase during the month.