Finally, a decrease in price of petroleum products (August 2014)

According to my records, the price of the petroleum products haven’t changed since March 2013. And I just learnt that the prices have finally been reviewed today.

So, as usual, here are the new price updates :

Essence : Rs52.25 / L -> Rs50.15 / L

Diesel : Rs43.95 / L -> Rs41.90 / L

And my graph goes as follows :

The decrease in price of petroleum products on the world wide market has been steady for the past months and fortunately, the State Trading Corporation has finally brought the change on our market. It should be noted that as far as I remember, the Petroleum Pricing Committee does not apply any decrease on the local market as it makes sure to hold the previous price long enough to gather enough profits so that the next increase in price may be subsidized in some way.

Bon weekend to everyone!