Petrol prices start to fall after hitting four-year high in Australia

Adjust Comment Print

Diesel price in Delhi was Rs 68.80 per liter and Rs 73.25 in Mumbai.

Average petrol prices hit 129.4p a litre, while average diesel prices also rose by 6p to 132.3p a litre.

The average prices of both petrol and diesel have gone up every day since 22 April, the motoring group said.

After the one paisa reduction in fuel prices on May 30, which caused much criticism from the Opposition, prices have since fallen continuously.

The ACCC reports the increase in retail petrol prices since the March quarter 2018 has been influenced by a number of factors, including the agreements in late-2016 by the Organisation of Petroleum Exporting Countries (OPEC) cartel and some other producing countries to cut crude oil production.

Under the dynamic pricing scheme, petrol and diesel prices are revised on a daily basis in sync with global crude oil prices.

Brent crude fell $1.10 a barrel to $75.69 on Monday afternoon.

The head of Australia's consumer watchdog is appalled motorists are increasingly "financing the extravagance" of oil-rich nations such as the United Arab Emirates. Last year, the crude prices began to shot up after the organisation of the petroleum exporting countries and Russian Federation made a decision to withhold the excessive output to prop up the prices that had fallen to their lowest in more than a decade.

With today's cut here in India, petrol price in the national capital has come down - in last seven days - by 60 paise from its record high of Rs 78.43 on May 29.

Petrol price in New Delhi on Wednesday stood at Rs 77.723 per litre. The central government levies Rs 19.48 a litre of excise duty on petrol and Rs 15.33 per litre on diesel.