Business & Finance

Petrol, diesel prices cut down again across cities

On Thursday, state-owned oil retailers cut down diesel and petrol prices in the range of around 11-14 paise in the four metro cities.

Prices were cut down in main cities that saw a rise in the prices of petrol and diesel. In Delhi and Kolkata, petrol prices were cut by 11 paise. In Mumbai, the petrol prices came down by 14 paise, and by 12 paise in Chennai. In the national capital, petrol will be sold today for Rs. 76.16, while diesel will be sold for Rs. 67.68 on Thursday. In Mumbai, the petrol prices were slashed down to Rs 83.92 and diesel was sold at Rs. 71.99 on Thursday.

Petrol prices were reduced by 11 paise and diesel prices by 10 paise, applicable from 6:00 a.m. on 21st June 2018.

Fuel prices were seen on a steady pace on Wednesday.

Petrol has gotten cheaper by more than Rs 2 since the turn of this month while diesel costs Rs 1.42 less today, as compared to June 1.

In the global market, oil prices dipped on Thursday as Iran signalled it could be won over to a small rise in OPEC crude output, likely paving the road for the producer cartel to agree to a supply increase during a meeting on June 22.

Speaking at an OPEC seminar in Vienna, Pradhan said, often global trade practices in the field of oil and gas are not contributing to energy access and affordability to all. “Political conditions, sometimes internal and sometimes external, result in reduced output of some countries. We expect from OPEC and its members a commitment to step in (and) more than fill the gap to ensure sustainable prices,” he said.

The reduction in diesel prices come after a pause of four consecutive days. Fuel prices reached al-time high after state-owned oil firms lifted pre-Karnataka poll hiatus to resume daily price revisions from May 14. However prices started to fall towards the month-end and are off-record highs now.

However, prices were prevented from falling further by record refinery runs in the United States and a large decline in US crude inventories, a sign of strong fuel demand in the world’s biggest economy.

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