Government officials indicate that a price cut of Rs 5 per litre on petrol and diesel is likely.
The National Green Tribunal (NGT) has re-iterated its call for impounding old vehicles in the National Capital Region (NCR) and has pulled up the Delhi government for not taking action on its previous orders.
Free falling rupee has worsened India's current account deficit. Oil import is one of the largest contributors to CAD. Oil firms are currently losing Rs 9.29 per litre on diesel, Rs 33.54 a litre on kerosene and Rs 412 per 14.2-kg LPG cylinder.