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As world oil rates fall, India may see 1st diesel price cut in 7 years

Petrol and diesel rates are due for revision on 15 September and there is a possibility of reduction in retail prices if benchmark Brent crude continues to stay below $100 a barrel mark, official sources said.

This will be the fourth straight reduction in petrol price since last month. Rates were last cut by 1.82 a litre on 31 August. Prior to that, petrol price was cut by Rs 1.09 a litre on August 1 and again by Rs 2.18 a litre on 15 August.

Sources said there is also likelihood of a reduction in diesel prices, the first in seven years. Diesel prices were last hiked on 31 August by 57 paise in line with the January 2013 decision to raise rates in small doses every month to bridge the difference between retail selling price and cost.

The difference, called under-recovery, had reduced to just 8 paise a litre after the last increase. Diesel currently costs Rs 58.97 per litre in Delhi.
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