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Petrol and Diesel Prices See Biggest Cut in 10 Days
Petrol prices across the country were lowered by 21 to 22 paise per litre on Friday to Rs 77.42 in Delhi, Rs 80.07 in Kolkata, Rs 85.24 in Mumbai and Rs 80.37 in Chennai.
Diesel price, on the other hand, was reduced by 15 to 16 paise per litre to Rs 68.58 in Delhi, Rs 71.13 in Kolkata, Rs 73.02 in Mumbai and Rs 72.4 in Chennai.
June 8 is the tenth straight day of the price-cut for petrol and the ninth of the ten days for diesel (which stayed unchanged on June 3). In comparison to its all-time high rates on May 29, the rates have been lowered by Rs 1.01 for petrol and Rs 73 paise for diesel in Delhi.
The fuel rates had hit all-time highs after 16 consecutive days of hike in the month of May. It was affected by the international crude oil rates where benchmark Brent had touched its 2014 peak of over $80 a barrel, while the rupee had slipped to an 18-month low of 68.42 against the US dollar.
On Friday morning, Brent crude futures were trading at $77.45 per barrel while WTI crude futures were at $66.14 a barrel. Supply problems in Venezuela, where its state-owned oil firm PDVSA has a backlog of around 24 million barrels to be shipped to its consumers has raised concerns globally. The US oil production, on the other hand, has increased in the last month.
