The latest softening in prices of petrol and diesel has given further reason to the government to prolong silence on this matter. The government is planning no immediate action in this regard as crude oil rates settle down further, CNBC TV18 reported citing unidentified government sources. The government can afford to keep status quo maintained if crude settles around $75 per barrel, the same sources said. Furthermore, government is hopeful of further decline in crude oil prices. About the pressure that oil companies are facing in wake of surging petrol and diesel prices, same sources said that appreciation of rupee is giving cushion to oil companies.
The prices of petrol and diesel were hiked for the 15th consecutive day today even as global crude oil prices receded from record high levels. The petrol was selling at the retailers at Rs 78.27 in Delhi today. In Mumbai the prices rose beyond the Rs 86 mark to Rs 86.08. In Kolkata petrol retailed at Rs 80.76, while at Rs Chennai 81.11. Meanwhile, the cost of diesel per liter has also been increased and the revised prices in Delhi are – Rs 69.17 and Mumbai Rs 73.64 per litre.
The crude oil prices declined today extending a steep decline in the previous session, as the market eyed an increase in output from the world’s three top crude producers, Russia, the United States and Saudi Arabia, Reuters reported.
Brent crude futures were at $75.34 per barrel at 0124 GMT, down $1.10, or 1.4 percent, from their last close. U.S. West Texas Intermediate (WTI) crude futures were at $66.31 a barrel, down $1.57, or 2.3 percent.