Petrol and Diesel Prices Slashed Further Today

The state and central govt's are working with oil companies to formulate a policy to control the fuel price rise.
INDORE, India - June 6, 2018 - PRLog -- The state-owned oil and gas company Indian Oil Corporation Limited (IOC) slashed petrol prices across India at an average of 11 paise per litre to Rs 85.54 in Mumbai, Rs 80.68 in Chennai, Rs 80.37 in Kolkata and Rs 77.72 in New Delhi. Also, diesel rates in Indian metro cities were down by 8 paise to Rs 73.25 in Mumbai, Rs 72.64 in Chennai, Rs 71. 35  in Kolkata and Rs 68.8 in New Delhi.

It has been the eighth consecutive day of fall in fuel prices in India. Petrol has been slashed by 71 paise/PL and diesel by 51/PL in the New Delhi since May 30.

Global crude oil prices declined to about 2-month low on 5th June, after international media reported that the US govt had unofficially asked some OPEC members to enhance their oil production.

The US crude oil inventories dipped by 2 mln barrel according to the data of the American Petroleum Institute, which is the largest U.S trade association for the oil & natural gas industry. In the meantime, the OPEC meeting that is planned to take place in Vienna on 22-23 June will conclude if the members will enhance their outputs.

However, on Wednesday global benchmarks Brent crude oil regained to USD 75.30 and   WTI crude recovered to USD 65.62 per barrel versus as against their Tuesday lows, which was at USD 73.81 and USD 64.22, respectively.

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