Petrol and diesel prices are falling since the daily fuel price revision was implemented. But unlike earlier, when there would be significant noticeable changes every fortnight, this time, the prices have fallen by just a few paise everyday, barely to the notice of many people across the nation.
Put together, the change is huge over the last 12 days, since July 16, when the daily revision in retail fuel prices began nationwide.
The daily change in the price of petrol and diesel began with the biggest cut of the lot on June 16 itself, when petrol price was reduced by Rs 1.43 per litre (including state taxes and levies) after a gap of 15 days, as was the existing practice. Similarly, diesel price change began with a cut of Rs 1.45 per litre (including state taxes and levies) on June 16.
Since then, the daily fall has been modest, but has gradually added up to significant savings for the consumers. Prices fell for first five days straight, then remained unchanged for a day, and then again fell for five days in a row.
Meanwhile, the price of the Indian basket of crude oil has fallen from $45.60 per barrel on June 15 to $43.85 per barrel on June 22 — the last trading day for which the data is available.