This news can only be described as a good sign for petrol car owners: oil companies have slashed the prices of petrol by Rs 3.05 a litre, marking the steepest drop in petrol rates in the last five years. The revised prices (excluding local taxes or VAT) will go into effect starting midnight.
The appreciating value of the rupee against the US dollar has allowed oil companies to slash the prices of petrol. In Mumbai, the prices now stand at Rs 79.49 a litre as against Rs 83.63 while in Delhi; prices are down to Rs 72.40 a litre.
It’s not all good news though. Contrary to the petrol price cut, diesel prices have been hiked by 50 paise a litre to cover the losses that oil companies are facing. With prices expected to be effective starting midnight i.e. 1st of October and a bunch of driver-centric cars lined up for launch throughout the month (Vento GT TSI, Range Rover Sport - to name a few) October seems to be the month of petrolheads indeed.