Petrol and Diesel Rates Fall Again Despite Global Oil Price Rise

Petrol and diesel prices in India went further down across the country on Thursday by an average of 9 paise and 7.5 paise per litre respectively as per notification on IOC's website.

Petrol was priced at Rs 77.63 in Delhi, Rs 80.28 in Kolkata, Rs 85.45 in Mumbai and Rs 80.59 in Chennai. Diesel, on the other hand, was at Rs 68.73 in Delhi, Rs 71.28 in Kolkata, Rs 73.17 in Mumbai and Rs 72.56 in Chennai.

Fuel prices in the country have been on a downward slope since May 30 after reaching an all-time high of Rs 78.43 per litre of petrol and Rs 69.31 per litre of diesel in the national capital.

International benchmarks, however, rose on Thursday morning from plunge by one of the OPEC (Organization of Petroleum Exporting Countries) members- Venezuela. Brent crude was up by 33 cents (0.4 percent) to $75.69 a barrel from its previous close while WTI (West Texas Intermediate rose by 38 cents (0.6 percent) to $65.11 a barrel.

As per Reuters data, Venezuela is nearly a month (more than 24 million barrels) behind in its supply to customers, threatening to breach the contracts its state-run PDVSA has with them if not cleared quickly.

The situation could influence the decision regarding oil production that will be taken in the OPEC meeting to be held on June 22.