State-run oil marketing companies have cut the fuel prices on the fifth consecutive day on Fifth consecutive day across major cities in India. While the petrol prices have been cut by 29-32 paise per litre, diesel prices have been reduced by 13-14 paise per litre in Delhi, Mumbai, Kolkata and Chennai.
State-run oil marketing companies have cut the fuel prices for the fifth consecutive day across major cities in India. While the petrol prices have been cut by 29-32 paise per litre, diesel prices have been reduced by 13-14 paise per litre in Delhi, Mumbai, Kolkata and Chennai. In Delhi, while petrol is selling at Rs 71.43 a litre against the previous rate of Rs 71.73 a litre, people need to shell out Rs 65.98 a litre for diesel. The petrol and diesel prices have been slashed by 30 paise and 13 paise respectively in the national capital.
In Mumbai, petrol is costing Rs 77.04, down 30 paise from yesterday’s rate, diesel is selling at Rs 69.13 a litre, lower by 14 paise from the last price, according to the website of Inidan Oil Corporation or IOC. In Chennai, diesel and petrol are selling at Rs 69.74 a litre and Rs 74.14 a litre respectively. The petrol and diesel prices have been cut by 32 paise and 14 paise respectively.
In Kolkata also, diesel and petrol prices have been cut by 29 paise and 13 paise respectively. People need to shell out Rs 73.50 a litre for petrol and Rs 67.73 a litre for diesel in Kolkata.
While the international crude oil prices are likely to soar in within a month on account of geopolitical tensions in Iran, the experts expect the petrol and diesel prices to remain stable till the elections get over on May 19, as the government would not like to upset common people during elections.
“Crude oil to stay range bound today. The trade conflict between the world’s top two economies escalated on Friday, with the United States hiking tariffs on $200 billion worth of Chinese goods after President Donald Trump said Beijing “broke the deal” by reneging on earlier commitments made during months of negotiations. Market participants will closely watch China’s retaliatory steps in response to the imposition of additional US tariffs on Chinese goods. For intra-day, 4250-4380 are levels to observe on either sides,” Jigar Trivedi, Fundamental Analyst – Commodities at Anand Rathi Shares & Stock Brokers told Financial Express Online.
India imports 80 percent of its oil requirement and it is the third largest importer of oil from Iran which is currently reeling under pressure due to US decision of ending sanction waivers to the largest buyers of Iranian oil, including India. According to experts, the crude oil prices are likely to rise in the range of $72-74 per barrel in a week or so in view of geopolitical tensions between the US and Iran.