Petrol prices cut by Rs 7.48 per litre in one month

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New Delhi: The oil marketing companies (OMCs) continued to cut prices of petrol and diesel on reduction on rates of the crude oil globally. The petrol was selling at Rs 76.52 per litre in Delhi down from Rs 76.71 from a day earlier. The diesel prices were at Rs 71.39 in the national capital, a cut of 17 paise from Sunday. In Mumbai, the petrol was at Rs 82.04 per litre while diesel was at Rs 74.79.
In Chennai petrol and diesel are available at Rs 76.52 per litre and Rs 71.39 per litre, respectively. The rates of petrol in Kolkata are Rs 75.05 per litre and rates of diesel are Rs 69.73 per litre today. On Sunday, the petrol prices were cut by 20 paise a litre and diesel by 18 paise, the 29th straight daily reduction in rates eroding the massive price hike in petrol witnessed in two months since mid-August. The fuel rates are on a downward trajectory since October 18.
The oil prices surged nearly 1 percent on Monday as traders expected top exporter Saudi Arabia to push producer club OPEC to cut supply towards year-end. Despite that, market sentiment remains weak on signs of a demand slowdown amid deep trade disputes between the world’s two biggest economies, the United States and China.