Global Crude Oil prices eases; Indian Oil slashes Petrol prices by 14-18 paisa

By T. Moharana

New Delhi :  With the prospects of production hike by the OPEC countries has brightened, global crude oil prices have remained soft. The Brent Crude Oil prices have dropped to USD 72.85 per barrel yesterday from USD 75.74 in the day before. The Indian basket has also continued to slide from USD 78.1 a barrel in May 22 to USD 71.69 in June 18.

India’s Oil marketing companies have also transferred the benefits of the drop in prices to the consumers. Indian Oil Corporation, India’s largest Oil marketing company today slashed Petrol prices by 14 -18 paisa, while keeping Diesel prices unchanged. With this reduction Petrol prices in Delhi has come down to Rs.76.02 a litre. In Mumbai, Petrol prices have reduced by 18 paise to Rs.83.74. In Bhubaneswar, Petrol prices have come down to Rs.74.85 per litre.