Petrol price reduced for ninth straight day

June 9, 2018 Social Buzz Valli Sarvani No comments

At the end of May, the price of petrol rose sharply, reaching a record-breaking high. However, more recently, petrol prices have been coming back down.

On Thursday, petrol prices fell for the ninth day in a row. Indian Oil, the largest oil retailer in India, reduced petrol prices by 9 paise on Thursday.

In Delhi, diesel prices were cut by 7 paise. Petrol now costs ₹77.63 per liter in Delhi. In Mumbai, petrol now costs ₹85.45 per liter.

The price of diesel is now ₹68.73 per liter in Delhi. The price of diesel is now ₹73.17 per liter in Mumbai.

On May 29th, petrol prices hit a record high of ₹78.43. Over nine days, petrol prices have been cut by about 80 paise per liter in Delhi. The price of diesel has come down by about 60 paise. However, the prices of petrol and diesel vary from state to state. The prices vary depending on the local sales tax or VAT. Delhi has the cheapest price among most state capitals.

It also has the cheapest price among all metros. The recent price decreases have not been nearly as great as the previous price increases.

There were 16 consecutive increases in petrol and diesel prices since May 14th. In these 16 consecutive increases, the price of petrol increased by ₹3.8 per liter and the price of diesel increased by ₹3.38. However, during the nine-day decrease, the prices have been cut by less than ₹1.

The decrease in the prices of petrol and diesel have been caused by the lower global cost of crude oil. The rupee has also become stronger in the international market, which has helped lower the petrol and diesel prices.

Later this month, the Organization of the Petroleum Exporting Countries (OPEC) will meet and decide what to do about the global production of oil.

Due to decreases in supply from Iran and Venezuela, OPEC may decide that oil production should be increased in order to make up for the supply shortages from these two countries.