Agartala, November 1 (TIWN): The Union Government yesterday decided to reduce the prices of petrol by Rs 2.41 per litre, the sixth reduction since August, this year and diesel price by Rs 2.25 per litre in following deflation at international oil market. Indian Oil Corporation, the nation's largest fuel trader announced the reduction in rates of petrol and diesel, which was deregulated for the first time in more than a decade, with effect from yesterday midnight.

The price of petrol was last revised downwards on October 15 by Rs. 1.21 on the back of declining international oil prices. While in October 19, diesel prices were cut by Rs 3.37, a day after the government decided to deregulate prices of the fuel.

On the other hand, Rs 2.41 per litre price cut in petrol and Rs 2.25 in diesel was after accounting for a 10-15 paise increase in commission paid to petrol pump dealers. The reduction should have been higher by 10-15 paise if the dealer commission had not been increased. Prices differ state to state because of differential rate of local sales tax or VAT. Due to this, the rate of petrol in Tripura stands at Rs 62.97 per litre after the reduction.  

However People of Tripura have welcomed the slashing of petrol prices by saying that the move has provided some needed reliefs to the common people. A bike owner, Rajesh Kar said, "It is a relief for a middle class person like me. We are expecting that the petrol prices will be further slashed because a middle class person like me uses two wheelers which run on petrol a lot."

Another resident, Soumya Subhra Paul, also added, "It is good that petrol prices have come down. I hope that the prices are lowered further". Abhishek Chakraborty also gave a thumbs-up to the news saying, "The petrol price was slashed even a few days back. It seems to be good if the petrol prices lowered after every two months.”