Happy days are here again – Indian Oil Corp reduces petrol and diesel prices

Till recently, rise in prices used to be attributed to rising prices of petrol and diesel because these had a cascading effect on cost of transportation which, in turn, translated into higher costs.
Narendra Modi, before becoming the Prime minister, had assured that happy days would soon come – acchhe din aaney waley hein, is how his message was passed on down the line. And, the reduction in price of petrol and diesel that we are seeing is proof that the Prime Minister knew what he was talking about.
The reduction in rates of petrol and diesel, which was deregulated for the first time in more than a decade, will be effective from midnight tonight, Indian Oil Corp, the nation’s largest fuel retailer, announced.
Since August, petrol price has been cumulatively cut by a total of Rs 9.36 per litre while diesel rates have been cut for the second time in this month.
On 18th October 2014, the government had freed diesel prices from its control, thereby, oil marketing companies had the freedom to adjust rates in line with cost. On that day, rates were cut by Rs 3.37 per litre – that was the first reduction in price of diesel in over five years, the previous reduction dating back to January 2009.
Effective 1st November,there was another reduction - oil companies cut petrol price by Rs. 2.41 a litre - it was the sixth reduction since August, and diesel price were cut by Rs. 2.25 a litre on the back of falling international oil rates.