Petrol prices cut by 13 paise, diesel by 9 paise

The cost of petrol will finally start to fall across Australia after weeks of soaring prices. Drivers in Sydney Melbourne Perth and Adelaide have been paying around $1.40 on average

The cost of petrol will finally start to fall across Australia after weeks of soaring prices. Drivers in Sydney Melbourne Perth and Adelaide have been paying around $1.40 on average

Petrol prices were cut for the eighth consecutive day across Delhi, Kolkata, Mumbai and Chennai on Wednesday.

A litre of diesel was priced at Rs 68.88 in Delhi, Rs 71.43 in Kolkata, Rs 73.33 in Mumbai and Rs 72.72 in Chennai on Tuesday. Recent cut in fuel rates in India have come in the backdrop of continuous fall in worldwide oil prices over the week.

State-run oil marketing firms have been lowering petrol prices since last one week although the rates continue to rule at unprecedented levels following the resumption of daily price changes after a 20-day suspension of the system last month owing to the Karnataka elections.

Lower global crude oil cost, along with a strengthened rupee, has pulled down the prices of fuels since May 30.

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Shaw and Partners analysts forecast the oil price to gain strength over the next 18 months, which is likely to flow onto the bowser.

The head of Australia's consumer watchdog is appalled motorists are increasingly "financing the extravagance" of oil-rich nations such as the United Arab Emirates. They cut the overall supply by about 1.8 million barrels per day - a step that created the shortage of crude which in turn spiralled the prices.

These factors include Middle East tensions, the potential for renewed USA sanctions against Iran and concerns over Venezuelan supply. Before reducing the prices, oil marketing companies had hiked the fuel cost for 16 consecutive days - from May 13 to May 29, petrol price was raised by Rs 3.8 and diesel by Rs 3.38 per litre. Since June 1, it has come down by 39 paise for petrol and 28 paise for diesel.

The 93 octane petrol price will be R15.54, R15.79 for 95 octane, diesel (0.05% sulphur content) will hit R14.19.

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