Placeholder canvas

Petrol prices dip to a three month low on falling crude oil

Date:

After a period of northward climb, petrol prices softened to their lowest level in 3 months while diesel prices touched a 2-month low. On Monday petrol price in New Delhi was Rs 76.52 per litre in Delhi, a fall of 19 paise, and diesel at Rs 71.39 per litre, a decrease of 17 paise. With this petrol has gone back to the August level, while diesel is hovering around levels seen in the first week of September.

Meanwhile, in Mumbai petrol was retailing 19 paise lower at Rs 82.04 per litre and diesel at Rs 74.79 after a decrease of 18 paise.

ALSO READ: Your Business Planner This Week (Nov 19-Nov 24)

International crude oil prices began rising in mid-August, directly affecting petrol and diesel prices in India. When petrol touched Rs 90 a litre in some cities, the government intervened in early October and cut the excise duty on domestic petrol and diesel by Rs 2.5, followed by a equivalent relief by many state governments.

The prices of crude started easing after the United States recently softened its stand on Iran’s sanctions and gave its nod to eight countries to continue importing oil from Iran temporarily. The list of countries includes India, China, South Korea, Japan, Turkey, Italy, the United Arab Emirates, and Taiwan.

Traders expect Saudi Arabia to push OPEC to cut supply, which could lead to firming of prices.

Click here for Latest News updates and viral videos on our AI-powered smart news genie

LEAVE A REPLY

Please enter your comment!
Please enter your name here

Share post:

Subscribe

Popular

More like this
Related

Biden Administration Approves $60Million Aid For Baltimore Bridge Collapse

The Federal Administration in a statement on Thursday said that it has provided the quick-release funds to rebuild the collapsed bridge within hours of receiving a request from Maryland Department Of Transportation

Fact Check: Lok Sabha Polls Will Be Held Using EVMs; Don’t Fall For False Claim

Ahead of the Lok Sabha polls, a newspaper cutout...

Four Killed, Five Wounded In Stabbing Incident In North Illinois

Redd mentioned that not all of the victims had stab wounds and none of them were shot. She added by saying that they have a suspect in custody

Hope Everyone’s Rights Are Protected: UN On Kejriwal’s Arrest

Delhi CM Kejriwal was arrested by the ED(Enforcement Directorate) on March 21 in the Delhi liquor policy case, days ahead of the Lok Sabha polls