Petrol and Diesel Price Cut After 10 Days on Restoration of Global Oil Supply

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    Fuel prices in metro cities across Indian metro cities were lowered on Monday for the first time in ten days by around 11 paise. Prices remained unchanged on Sunday.

    Petrol, Diesel Price Cut After 10 Days on Restoration of Global Oil Supply

    Petrol price per litre fell by an average of 11 paise to Rs 76.84 in Delhi, Rs 79.51 in Kolkata, Rs 84.22 in Mumbai and Rs 79.76 in Chennai as per the data from IOC's website.

    Diesel rate per litre was, on the other hand, lowered to Rs 68.47 in Delhi, Rs 71.03 in Kolkata, Rs 72.65 in Mumbai and Rs 72.28 in Chennai.

    Fuel prices in India are revised on a daily basis by state-owned oil marketers based on international crude oil prices and other related market forces. Global benchmark Brent was down by 26 cents (0.4 percent) to $75.07 a barrel, while US WTI intermediate crude was down by 27 cents (0.4 percent) to $70.74 a barrel as per a Reuters report. Fears of disruptions in oil supply from Libya, Norway, and Iraq that pushed the crude oil prices higher last week were now eased. Libya's state-oil producer restarted its output earlier this week, and it is going to reportedly compensate for the six-day strike of Norwegian rig workers.

    Potential increase in supply from the OPEC (Organization of Petroleum Exporting Countries) and its ally Russia also helped lower the international rates.

    Read more about: petrol diesel
    Story first published: Monday, July 16, 2018, 16:12 [IST]
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