Petrol price cut by 13 paise per litre

In the last eight days, petrol prices have been lowered by 71 paise per litre in Delhi, 70 paise in Mumbai, 69 paise in Kolkata and 75 paise per litre in Chennai, data from International Olympic Committee website showed. Petrol prices were reduced by 11 paise in Mumbai to Rs 85.54; and by 12 paise in Chennai to Rs 80.68.

Fuel prices dropped for the seventh consecutive day as petrol and diesel prices were cut by 13 paise and 9 paise, respectively, on Tuesday.

After the one paisa reduction in fuel prices on May 30, which caused much criticism from the Opposition, prices have since fallen continuously.

State-owned oil companies in June 2017, dumped the 15-year old practice of revising rates on 1st and 16th of every month and instead adopted a dynamic daily price revision to instantly reflect changes in cost.

There is some good news for Aussie drivers as petrol prices have started to fall around the country. This was in line with the higher crude oil prices.


The Organisation of the Petroleum Exporting Countries comprises 14 member nations including Iran, Iraq, Kuwait, Saudi Arabia, Venezuela, Qatar and the UAE.

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

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. India imports over 80 per cent of its crude oil requirement and it is the world's third largest oil importer.

In Gauteng, the price of petrol will stand at R15.79 per litre. The outcome of the meeting of the oil producing countries later this month will determine the future prices of oil.


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