IOCL cuts Petrol Prices by 14-17p, Diesel by 7-11p as Indian Basket Crude eases

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By T. Moharana

New Delhi:  The drop in Indian Basket Crude Oil prices has provided scope for the Indian state owned Oil marketing companies to reduce prices in the domestic market. Despite rise in Benchmark Brent Crude Oil prices, the Indian Basket prices have dropped almost US$ 7 per barrel in the last 30 days. The OMCs have also transferred the benefits of the drop in price to the consumers, through marginal daily price reductions.

Indian Oil, India’s top oil marketing company today cut Petrol prices by 14-17 paise and Diesel prices by 7-11 paise. With this cut non-branded Petrol prices in Delhi has come down to Rs.75.79. In Mumbai and Bhubaneswar Petrol prices have come down to Rs.83.44 and Rs.74.62. Similarly, non-branded Diesel prices have come down to Rs.67.54 in Delhi, Rs.71. 76 in Mumbai and Rs.72.39 in Bhubaneswar. The prices may vary in different cities according to the State VATs.

The Indian Basket price has continued to slide from USD 78.1 a barrel in May 22 to USD 71.61 in June 22. Brent Crude Oil prices have increased by 3.46% to USD 75.32 and the WTI Crude has also increased by 4.64% to USD 68.58.

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