After a series of hikes in the price of petrol in recent past, the government of India seems to have decided to give some relief to the vehicle owners in the country. The government of India is working towards decreasing the price of petrol by Rs 1.5 to 2 per liter.
The high fuel prices, which have surged by as much as 50 percent in last two years, has spoiled the high growth momentum of the Indian auto market with buyers delaying or canceling their decision of purchasing a new vehicle. The Indian automobile industry has now become an important contributor in the GDP growth of the country and as the skyrocketing fuel prices have decreased the auto industry growth figures substantially, the government has been forced to look into the pricing once again.
One more reason why government is considering decreasing the fuel price is because of a steep fall in the crude oil price in the international market. The price of crude oil stood at $82 a barrel in the international market, the lowest in last 9 months. A fall in crude oil price directly converts into the decline in the cost of fuel on the market.
The decrease in the fuel price could take place in next few weeks as the government looks to offer some relief to the Indian vehicle owners who have been struggling with increased fuel prices for a long time now.
