After two days of the price cut, petrol prices on Saturday were slashed for the third day straight. Petrol prices in cities came down between 9 to 13 paise for a litre. In Delhi, the prices were slashed by 9 paise, in Kolkata by 9 paise, in Mumbai, the prices were cut by 13 paise, and in Chennai, the prices came down by 9 paise. After the latest price cut, petrol prices in Delhi stand at Rs. 75.93, Rs. 78.61 in Kolkata, Rs. 83.61 in Mumbai and Rs. 78.80 in Chennai.
Diesel prices also saw a cut in the range of 7 to 12 paise in metro cities. The prices were cut by 7 paise in Delhi and Kolkata. In Mumbai, diesel prices were cut by 12 paise, and by 8 paise in Chennai.
After the price cuts, diesel prices now stand at Rs. 67.61 in Delhi, at Rs. 70.16 in Kolkata, at Rs. 71.87 in Mumbai and at Rs. 71.36 in Chennai.
In last few days, petrol prices have continuously been cut on a regular basis. In the past one week, prices have been cut in the range of 39 to 57 paise depending on the city. In the past two weeks, petrol prices have been cut in the range of Rs. 1.07 to Rs. 1.15.
Since May 30, the petrol prices have been cut by Rs. 2.5 per litre in Delhi.
Before June 16, 2017, petrol and diesel prices were revised on a twice-a-month basis. The switch to the daily system of price reviews was aimed at a more rapid transmission of changes in global oil rates to the domestic consumer.
On Friday, OPEC agreed on a modest increase in oil production from next month after its leader Saudi Arabia persuaded arch-rival Iran to cooperate, following calls from major consumers to curb rising fuel costs… US crude rose 4.12 per cent to $68.24 per barrel and Brent was last at $74.69, up 2.25 per cent on the day. “The effective increase in output can easily be absorbed by the market,” Harry Tchilinguirian, head of oil strategy at French bank BNP Paribas, told the Reuters Global Oil Forum.
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