The drop in crude oil prices at the international level is affecting the prices of petrol and diesel in the domestic market also. On the 14th day, 15 paise for petrol and 10 paise in diesel has been cut down. After the Karnataka elections, petrol has been reduced first time by Rs 2 and diesel by 1 rupee 50 paise. Petrol prices in Delhi is now 76 rupees and 43 paise while Diesel cost is 67 rupees 85 paise in Delhi. Despite the decline in 14 consecutive days, the rate of petrol in Mumbai is still the highest. On Tuesday, petrol was reached at Rs 84.26 and diesel was priced at Rs 72.24 a liter.
In the past one month, oil companies have increased Rs 4 per liter on petrol and about 3.50 Rs per liter on diesel. During the Karnataka elections, prices of petrol and diesel were kept on hold, after which there was seen an immediate price hike. In the past few days, the decline of crude prices in the international market is also affecting the domestic market.
The fall in crude prices is expected to continue further. Actually, there is a meeting of the OPEC countries on June 22, in which decision will be taken to increase or decrease the production. According to Senior analyst Arun Kejriwal, till June 22 there is no scope for further escalation in crude. At the same time, if the committee decides to increase the production, then there can be a sharp fall in crude oil price rate. And its advantage will be seen in the domestic market also.
Diesel Price in Metro Cities
Prices of non-branded Petrol across state capitals (Rs./Litre)
Since May 29, petrol prices have been brought down by Rs. 2 per litre in Delhi, Rs. 1.98 per litre in Mumbai, Rs. 1.96 per litre in Kolkata and Rs. 2.1 per litre in Chennai. During this interval, diesel prices have been decreased by Rs. 1.46 per litre in Delhi and Kolkata each, Rs. 1.56 per litre in Chennai, Rs. 1.55 per litre in Mumbai.
Petrol prices cut by another 15 paise in Delhi today. Almost two rupees down from its price 14 days ago. Likewise substantial reduction in diesel price as well. Also reflect Brent crude, petrol and diesel prices declining from their peak and steadying.
— Subhash Chandra Garg (@SecretaryDEA) June 12, 2018
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