A cut in petrol and diesel price looks imminent as Brent Crude prices dipped to $45 a barrel, rattling oil markets again.
Indian petrol and diesel prices which are now aligned to market rates are expected to dip given that global oil prices have dipped sharply in the last one week. Along with a drop in crude prices the rupee has also rallied against the dollar which means oil prices should reduce further.
Petrol and diesel prices at the retail level would have reduced further but the government has hiked the excise duty on the same.
A cut in petrol and diesel prices ahead of the assembly elections in Delhi cannot be ruled out.
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