Petrol & Diesel Prices likely to be reduced Also Read - Diesel Prices Fall Across Metros Amid Decline in Crude Prices

The current petrol & diesel prices in Delhi stand at Rs. 64.25/Ltr & Rs. 53.35/Ltr. If sources are to be believed, the prices will be cut by Rs. 4.25 & Rs. 6 respectively for petrol & Diesel. Also Read - Diesel Price Slashed For First Time in 6 Months, Petrol Price Remains Unchanged | Check Revised Rates Here

  Also Read - Petrol Prices Hiked 6 Times in a Week

The good news came after Organization of the Petroleum Exporting Countries (OPEC) decided not to cut oil production.

During a meeting in Vienna, the OPEC had decided against cutting back production, despite 30% reduction in oil prices since June this year.

It is to be noted that there has already been six instances of reductions in petrol prices & 2 instances of reductions in diesel prices since the BJP government has come to power.

India is the fourth largest crude oil importer in the world with almost $145 billion in import of crude oil.

According to experts, if the slide will continue to follow, India will be a big beneficiary. The cuts will affect the Indian economy directly as it imports two-thirds of its oil requirements.