Petrol and Diesel Prices Lowered Further Today

In its daily revision, the state-owned oil and gas company IOC (Indian Oil Corporation Limited) cut petrol prices across the country at an average of 11 paise per litre to Rs 77.72 in Delhi, Rs 80.37 in Kolkata, Rs 85.54 in Mumbai and Rs 80.68 in Chennai.

Diesel rates in Indian cities were down by 8 paise to Rs 68.8 in Delhi, Rs 71. 35 in Kolkata, Rs 73.25 in Mumbai and Rs 72.64 in Chennai.

It has been the eighth straight day in a row of decline in fuel prices in the country. Petrol has been reduced by 71 paise per litre and diesel by 51 paise per litre in the national capital since May 30.

Global crude oil prices fell to a nearly two-month low on Tuesday after international news channels reported that the US government had unofficially asked some OPEC (Organization of the Petroleum Exporting Countries) members to increase their oil production.

On Wednesday morning, however, global benchmarks Brent and WTI recovered to $75.30 and $65.62 per barrel respectively. At their Tuesday lows, Brent was at $73.81 and WTI was at $64.22.

US crude oil inventories fell by 2 million barrel as per American Petroleum Institute data on Tuesday. Meanwhile, the OPEC meeting that is scheduled to take place on 22-23 June in Vienna will determine if the members will increase their outputs. Russian Energy Minister told CNBC that the current oil deal between OPEC and non-OPEC countries will be adjusted as per the prevailing demand for crude.