Petrol, diesel Prices continue to fall as Crude prices touch one year low

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By Tapan Moharana

Indian Oil marketing companies have continued to pass on the benefits of the sharp fall in international Crude Oil prices as domestic Petrol and Diesel prices today drop further by 35-37 paise and 41-43 paise respectively.

With this reduction, Petrol price has come down to Rs.74.49 and Diesel prices to Rs. 69.29 in Delhi. Similarly, Petrol and Diesel Prices in Mumbai has come down to Rs.80.03 and Rs.72.56 respectively. Similarly, in Bhubaneswar Petrol and Diesel prices have come down to Rs.73.40 and Rs. 74.34 respectively.

Chart Credit : Oilprice.com

In the International market Brent Crude Oil has touched one year low of USD 59.79 per barrel. Similarly, the Indian Basket prices have also touched one year low of USD 62.49.

According to market experts of the commodity, the sharp fall in the Crude prices can be attributed to rising U.S. shale production, record output from Saudi Arabia, rising inventories and faltering demand. However, some analysts see recovery prices in the coming months and early 2019 as the OPEC is likely to go for a production cut in the next one or two months.

 

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