Petrol and Diesel Rates Fall Again Despite Global Oil Price Rise

Subscribe to GoodReturns
For Quick Alerts
ALLOW NOTIFICATIONS  
For Daily Alerts

    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.

    Petrol and Diesel Rates Fall Again Despite Global Oil Price Rise
     

    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.

    Read more about: petrol diesel
    Story first published: Thursday, June 7, 2018, 12:23 [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