Diesel prices cut for 4th straight day; Kolkata rates fall below Rs 70; big relief for Mumbai
With many state elections expected in the late 2018s, it has become very important for the NDA government to bring relief on fuel product prices, which were at record high last month.
In line with petrol prices, the state-owned Oil Companies also brought down diesel prices in various state capitals of India. However, the cut in diesel prices today was much lower than compared to petrol prices. Where, petrol price saw it's sixth consecutive day of cuts today, diesel prices were lowered for the fourth day in a row. Today, diesel prices were brought down in the range of 10 paisa to 14 paisa, with Mumbai and Chennai seeing major relief. Meanwhile, petrol price was trim down between 14 paisa to 18 paisa in the same cities. Moreover, international crude oil markets were tense on Tuesday, rising on a Canadian production outage and uncertainty over Libyan crude exports, but weighed down by climbing OPEC supplies and the intensifying trade conflict between the United States and other major economies.
With many state elections expected in the late 2018s, it has become very important for the NDA government to bring in relief for fuel products prices which were at record high last month.
Today, diesel price in New Delhi was at Rs 67.38 per litre down by 10 paisa compared to previous day price of Rs 67.48 per litre.
Similarly, diesel price in Kolkata was ruling at Rs 69.93 per litre today also lower by 10 paisa as against previous day price of Rs 70.03 per litre. This city has clocked over Rs 72 per litre rate last month after Mumbai and Chennai respectively.
Same 10 paisa cut was seen in Chennai city, as diesel was priced at Rs 71.12 per litre compared to previous day price of Rs 71.22 per litre.
India's financial hub Mumbai was selling 1 litre diesel at Rs 71.52 today which was below 14 paisa as against Rs 71.66 of the previous day. This city last month clocked a record high of over Rs 73 per litre in diesel prices.
Meanwhile, 1 litre diesel in other cities stood at Rs 68.35 in Bangalore, Rs 70.93 in Bhopal, Rs 72.22 in Bhubaneswar, Rs 65.43 in Chandigarh, Rs 67.71 in Dehradun, Rs 73.24 in Hyderabad, Rs 71.77 in Jaipur, Rs 67.53 in Lucknow, Rs 72.05 in Patna, Rs 72.75 in Raipur and Rs 70.77 in Srinagar.
According to Reuters report, Eastern Libyan commander Khalifa Haftar`s forces gave control of oil ports to a separate National Oil Corporation (NOC) based in the country`s east.
Moreover, Brent crude futures were at $74.80 per barrel at 0617 GMT, up 7 cents, or 0.1 percent, from their last close. Brent was driven up by uncertainty around oil exports by Libya, a member of the Organization of the Petroleum Exporting Countries (OPEC).