In a big move Petrol, diesel prices have been cut by 18 paise. This is the first cut in fuel prices in over a year and after prices have been constant for over 24 days.
With international crude prices down over 12% since March 5, the bets are rising that further cuts will come
Reports indicate oil companies have been losing Rs 4 on a litre of petrol and Rs 2 on diesel due to the freeze on price revision since February 28. Analysts estimate prices could come down by Rs 2/lt in total.