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Petrol and Diesel Prices Cut After a 3-Day Halt
Fuel prices in the country were lowered on Saturday after a three-day pause in price revision. Petrol price per litre in the metro cities were slashed to Rs 76.16 in Delhi, Rs 83.61 in Mumbai, Rs 79.05 in Kolkata and Rs 79.11 in Chennai. Diesel, on the other hand, was revised to Rs 67.62 in Delhi, Rs 71.79 in Mumbai, Rs 70.37 in Kolkata and Rs 71.41 in Chennai.
The rates are revised on a daily basis in cities across India based on international prices. These are set by Indian state-owned oil marketers like Indian Oil, Bharat Petroleum, and Hindustan Petroleum. On Friday, diesel prices were cut, however, petrol rates remained unchanged.
International benchmark Brent futures were trading lower by 25 cents to $74.29 a barrel. This was largely due to the discouragement among investors from the fall in US stock markets on Friday, easing trade tensions between the US and the European Union and a temporary shutdown of one of Saudi Arabia's key shipping routes.
US government data on Friday showed that the country's economy grew the fastest in the second quarter of the year in nearly four years. A stronger economy could translate into higher demand for oil. Meanwhile, the OPEC and its allies including Russia, could increase the combined output of oil by 1 million barrels per day, according to a Reuters report.
