Petrol prices are likely to come down by Rs 5.50 per liter from October 1. The Oil and Gas Regulatory Authority (OGRA) on Friday also proposed a reduction in diesel price by 30-35 paisas per liter, High Octane Blending Component (HOBC) by 10-15 paisas, kerosene oil by 50 paisas and petrol Rs 5.50 per litre. There were also reports of a reduction in CNG price by Rs 4.50 per kilogram.
Ever since notifying a massive drop in POL prices by up to Rs 11.75 per liter in June, the government has been consistently raising the rates, driving petrol to Rs 108.47 per liter, diesel to Rs 113.57, HOBC to Rs 135.56, kerosene oil to Rs 106.18 and light diesel to Rs 100.51 per liter. The proposed slashing is likely to bring little relief to the consumers, marred by massive price hike, inflation and a persistent energy shortfall. The government this month introduced a weekly mechanism to monitor and review POL prices. The prices were earlier being reviewed on a fortnightly basis.
