Post 2 days of the price cut, petrol prices on Saturday were a hack for the third straight day. In the metro cities, the Petrol prices have come down between 9 to 13 paise 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.
Post this new price cuts, 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.
Likewise, in the metro cities, diesel prices were cut in the range of 7 to 12 paise. In Delhi and Kolkata, The prices were cut by 7 paise. The diesel prices were cut by 12 paise, In Mumbai, and by 8 paise in Chennai.
Following 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. On Friday, petrol prices were cut up to 18 paise.
From the past few days, the petrol prices have continuously been cut on the daily and on the regular basis. For instance, in the past one week, prices have been cut in the range of 39 to 57 paise which is depending on the town. In the past two weeks, petrol prices have been cut in the range of Rs. 1.07 to Rs. 1.15.
Since 30th May, the petrol prices have been cut by Rs. 2.5 per litre in Delhi.
On the other hand, Diesel prices saw the slightly dismal cut of Rs. 1.69 since 30th May. In Delhi, in the past one week, diesel prices came down by 24 paise, while they came down by 67 paise in the past two weeks.
Amid to this on June 16, 2017, petrol and diesel prices were modified on the twice-a-month basis. The switch to the daily system of price reviews was set a goal for the more rapid transmission of changes in global oil rates for their all domestic consumers and the customers.
On the last Friday, OPEC agreed on a modest increase in oil production from the very next month post its leader Saudi Arabia persuaded arch-rival Iran to cooperate, following calls from main consumers to deal with the rising fuel costs.
US crude rose 4.12 percent to $68.24 per barrel and Brent was last at $74.69, up 2.25 percent 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.
