New Delhi: Following the recent multiple reductions in petrol rates and deregulation of diesel prices last month, fuel consumers can look forward to more price cuts as Brent crude oil Tuesday fell to its lowest in four years at $82 a barrel after Saudi Arabia cut sale prices to the US.
The basket of 12 crude oils of the Organisation of Petroleum Exporting Countries (OPEC), which include Saudi Arabia, closed at $80.64 a barrel Monday compared to $81.97 last Friday, the OPEC Secretariat said.
It was reported that OPEC members Venezuela and Ecuador are working on a joint proposal to defend oil prices, but the United Arab Emirates oil minister said the country is "not panicking".
Announcing the diesel price deregulation last month, Finance Minister Arun Jaitley had said: "Price of diesel will be linked to the market, and therefore, depending on whatever is the cost involved, is the element that consumers will have to pay."
"Just like petrol prices, diesel cost will now be governed by market forces. The diesel prices were being increased by 50 paise or so over the last few months. The prices should come down as the global crude oil prices have dropped substantially in recent times," he had added.
Petrol and diesel prices were last cut Saturday by over Rs.2 per litre each.
Begin typing your search above and press return to search.
exit_to_app
exit_to_app
Posted On
date_range 5 Nov 2014 11:18 AM GMT Updated On
date_range 2014-11-05T16:48:49+05:30More petrol diesel cuts likely as crude dips to $80 a barrel
text_fields access_time 2020-08-07T09:31:29+05:30
access_time 2020-08-07T08:33:24+05:30
access_time 2020-08-06T22:29:10+05:30
Next Story
'Safai Karamchari Andolan' starts 'Mission 2021' to eradicate manual...
India vs Australia SCG Test: Vihari, Ashwin stand tall to snatch a
US to classify 'Houthis' as a terror group; aid agencies unhappy
Earth in a hurry to spin, scientists discover