Diesel Price Cut Rs.3.37/-per litre with Effect from Today Midnight.

[Deep.S]

In a bold reforms decision, the governmenton Saturday decided to deregulate the price of diesel with immediate effect, leading to a fall of Rs 3.37 per litre in Delhi, effective from midnight."Price of diesel will be linked to the market,and therefore, depending on whatever is the cost involved, is the cost element consumers will have to pay," Finance Minister Arun Jaitley told the media.The Rs 3.37 per litre cut in prices of diesel, triggered by falling global oil prices, will help ease inflation that has already fallen to a multi-year low."We have decided to reduce prices and in Delhi, prices are likely to go down by Rs 3.37 a litre from midnight tonight," said B. Ashok, chairman of Indian Oil Corp, the country`s biggest fuel retailer.With crude prices dipping to four-year low,the over-recovery or profit on diesel sales, which was Rs 1.90 a litre in first half of October, has now climbed to Rs 3.56 per litre. hya
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