Petrol prices start to fall after hitting four-year high in Australia

The relief comes after motorists were forced to pay up to $1.63 per litre in parts of the country
The relief comes after motorists were forced to pay up to $1.63 per litre in parts of the country

06 June, 2018

In the last eight days, petrol prices have been lowered by 71 paise per litre in Delhi, 70 paise in Mumbai, 69 paise in Kolkata and 75 paise per litre in Chennai, data from International Olympic Committee website showed.

Diesel will increase by 85 cents a litre, while the price of illuminating paraffin will rise by 82 cents a litre.

In what seems to be another day of relief for citizens and commuters in the country, petrol and diesel prices were cut for the seventh consecutive day on Tuesday. Recent cut in fuel rates in India have come in the backdrop of continuous fall in global oil prices over the week.

The department of energy has released its petrol prices for June, and motorists can expect an increase in petrol prices because of a number of factors.

Indian Oil Corp (IOC), the nation's largest fuel retailer, has cut petrol prices by 71 paise and diesel prices by 51 paise in the last eight days in the national capital, similar price cuts were initiated in other states too.

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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.

According to a report in Reuters, OPEC Ministers from Saudi Arabia, the United Arab Emirates, Kuwait and Algeria met unofficially in Kuwait on Saturday. 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.

While the price of oil passed the $80 a barrel mark (£60) - the price which equates to 4% of GDP - two times during May.

In Gauteng, the price of petrol will stand at R15.79 per litre.

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