Petrol prices cut by 13 paise, diesel by 9 paise

Petrol prices cut by 13 paise, diesel by 9 paise

Petrol prices cut by 13 paise, diesel by 9 paise

A litre of diesel was priced at Rs 68.88 in Delhi, Rs 71.43 in Kolkata, Rs 73.33 in Mumbai and Rs 72.72 in Chennai on Tuesday. The price was also reduced to Rs 80.37 per litre in Kolkata, Rs 85.54 per litre in Mumbai and Rs 80.68 litre in Chennai.

Petrol pump prices rose at the fastest rate for almost two decades last month. U.S. crude ended $1.06 lower at $64.75 a barrel, after earlier touching $64.57 - its lowest since April 10.

Under the dynamic pricing scheme, petrol and diesel prices are revised on a daily basis in sync with global crude oil prices.

Mr Williams said that the oil price had since cooled a little, suggesting that the constant increases in the cost of petrol might have stopped for the time being.

This has been compounded by recent concerns about risks to worldwide crude oil supplies including: a potentially spreading conflict in the Middle East; renewed USA sanctions against Iran; and falling crude oil output due to the political and economic crisis in Venezuela.

More news: Did ‘Deadliest Catch’ star Blake Painter die of drug overdose?

According to a report in Reuters, OPEC Ministers from Saudi Arabia, the United Arab Emirates, Kuwait and Algeria met unofficially in Kuwait on Saturday.

These factors include Middle East tensions, the potential for renewed U.S. sanctions against Iran and concerns over Venezuelan supply.

Petrol price in New Delhi on Wednesday stood at Rs 77.723 per litre.

Recently, Goldman Sachs projected an oil price hike to USD 83 per barrel, Morgan Stanley predicted oil hitting USD 90 per barrel, and Bank of America Merrill Lynch said that crude oil could hit USD 100 per barrel by next year.

The so-called big four supermarkets - Tesco, Asda, Sainsbury's and Morrisons - raised petrol by 5.49p a litre and diesel by 5.88p in May.

Related news