Due to softening of crude oil in the international market, consumers are getting relief from the continuous cut in petrol and diesel prices in India. Oil marketing companies on Friday cut petrol and diesel prices for the second consecutive day. In the capital Delhi this month, the price of petrol has been reduced by 78 paisa per liter and diesel by 25 paise per liter.
On the other hand, in the international market, the price of crude oil has been reduced by about eight dollars per barrel so far this month. Oil marketing companies on Friday cut petrol prices by 15 paise in Delhi and Mumbai, 14 paise in Kolkata and 16 paise in Chennai.At the same time, the price of diesel has decreased by 13 paise in Delhi, seven paise in Kolkata, while 12 paisa per liter in Mumbai and Chennai.
According to the website of Indian Oil, petrol prices in Delhi, Kolkata, Mumbai and Chennai have been reduced to Rs 72.08, Rs 74.78, Rs 77.74 and Rs 74.87 per liter, respectively, after the cut for the second consecutive day. Diesel prices in the four metros have also come down to Rs 65.75, Rs 68.08 and Rs 68.94 and Rs 69.47 per liter respectively.
Petrol has become cheaper by 20 paise and diesel by 19 paise per liter in these two days. In the National Capital Region, petrol has become 78 paise per liter cheaper so far this month and the price of diesel has also reduced by 25 paise per liter.
According to news agency IANS, the international futures market, ICE, was trading at $ 57.52 a barrel, up 0.24 percent in October futures contract of Brent crude. At the same time, American Light crude was trading 0.23 percent up at $ 52.66 a barrel on the New York Mercantile Exchange in September contract of WTI.
However, the benchmark Brent crude price has fallen by nearly eight dollars this month compared to the previous month, as Brent crude’s October delivery futures contract closed at $ 65.17 a barrel on July 31 at the end of last month.
Anuj Gupta, deputy vice president (energy and currency research), Angel Broking, said, “There is a slight recovery in prices as oil producers and exporters’ group OPEC signaled further cuts in oil production, but global consumption demand was weak. The possibility of a big boom is less than living.
It is worth noting that from January this year, the production of oil is being cut by 1.2 million barrels per day.