Petrol and Diesel See Biggest Cut in Prices in Over 2 Months

Subscribe to GoodReturns
For Quick Alerts
For Daily Alerts

    Fuel prices were cut for the sixth straight day as per state-owned marketer IOC's (Indian Oil Corporation Limited) notification. Petrol was eased by 15 paise in metro cities to Rs 77.96 per litre in Delhi, Rs 80.60 in Kolkata, Rs 85.77 in Mumbai and Rs 80.94 in Chennai. Diesel prices were down by 14.5 paise on an average to Rs 68.97 per litre in Delhi, Rs 71.52 in Kolkata, Rs 73.43 in Mumbai and Rs 72.82 in Chennai.

    Petrol and Diesel See Biggest Cut in Prices in Over 2 Months

    International crude oil prices had also dipped on Monday after an increase in US oil output and expectations of a rise in production by the OPEC (Organization of the Petroleum Exporting Countries). Global benchmark Brent was down by 0.16 percent to $76.67 in early morning trade.

    The US reported a record increase in its production last week, edging closer to that of Russia. It has raised concerns over the widening gap between rates the WTI futures ($65.87 in morning trade) and that of Brent which is currently around $11. This could put pressure on the OPEC to make a decision to increase their production when they meet on June 22.

    Since May 30, petrol prices in India have been reduced by 46 paise per litre while diesel has seen a 33 paise drop in the national capital. Prices across the country will more or less have a similar trend.

    Kerala consumers, however, had an additional one rupee drop effective from June 1, as their state-government decided to bear the burden by reducing VAT collected on petrol and diesel last week.

    Read more about: petrol diesel
    Story first published: Monday, June 4, 2018, 10:48 [IST]
    Company Search
    Enter the first few characters of the company's name or the NSE symbol or BSE code and click 'Go'

    Find IFSC

    We use cookies to ensure that we give you the best experience on our website. This includes cookies from third party social media websites and ad networks. Such third party cookies may track your use on Goodreturns sites for better rendering. Our partners use cookies to ensure we show you advertising that is relevant to you. If you continue without changing your settings, we'll assume that you are happy to receive all cookies on Goodreturns website. However, you can change your cookie settings at any time. Learn more