Reduction in petrol and diesel price

 
This is the ninth straight reduction in petrol prices since August, and fifth in diesel since October.
New rates will be effective midnight tonight, Indian Oil Corp., the nation's largest fuel retailer, announced in New Delhi.In Delhi, petrol will cost Rs 58.91 a litre, the lowest in 44 months, as compared to Rs 61.33 a litre now. Similarly, diesel will cost Rs 48.26 a litre in Delhi, the lowest since April 2013, as against Rs 50.51 currently.
This is the fourth hike in excise duty since November and cumulatively customers have been denied the benefit of Rs 7.75 per litre reduction in petrol and Rs 6.50 a litre cut in diesel rates that was warranted due to the slump in oil price to $46 per barrel.
Including today's reduction, petrol price have been cut by Rs 14.69 per litre on a cumulative basis since August, while diesel rates in five downward revisions have been slashed by a total of Rs 10.71 a litre.
Global crude oil prices have fallen almost 50 percent since June 2014, the most since the 2008 financial crisis, as supplies swelled.crude oil that is being processed currently in refineries is one that was bought about 6-8 weeks back when rates were higher than present prices. By the time, it is processed and marketed its market value would have come down, resulting in inventory losses, totalling about Rs 12,000 crore.
"There is huge drop in crude prices which is having a tremendous impact on our inventories.