Mumbai: The Petroleum ministry is mulling over slashing the petrol prices by Rs 1.70-2.40 per litre after Brent crude prices also reduced from $115 per barrel to $102-104 per barrel over the past few months. Currently, petrol retail price is at Rs 72.51 per litre in Delhi.
This will be third consecutive petrol price cut in a month. Petrol price was last cut by Rs 1.09 a litre from August 1 following drop in international oil rates and rupee depreciation against US dollar, making imports cheaper.
At interantional level, brent crude extended losses for a third straight session today, dropping below USD 104 a barrel as fresh unrest on the streets of Baghdad was seen as posing little threat to the OPEC producer`s oil output.
September Brent crude fell USD 1 to USD 103.68 a barre. The contract on Monday fell 34 cents to close at USD 104.68. US crude was down 95 cents to USD 97.13 a barrel.
The ministry has continued to cut petrol prices in a phased manner, while at the same time, it is raising the diesel prices every month in a bid to deregularise diesel prices gradually.
On July 31, the petrol prices had been cut by Rs 1.09 per litre.
Bureau Report
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