Petrol, diesel prices cut for third straight day

NEW DELHI: Fuel prices on Saturday continued the downward trend for the third straight day with petrol rates cut by 32 paise and diesel by 40 paise. In the national capital, a litre of petrol now cost Rs 75.25 from Rs 75.57 earlier, while diesel is sold at Rs 70.16.

In Kolkata and Mumbai, petrol rates are slashed by 31 paise, whereas in Chennai, the fuel is now 34 paise cheaper. Diesel now costs 40 paise, 43 paise and 42 paise less in Kolkata, Mumbai and Chennai respectively.

Petrol price on Friday was reduced by 40 paise across the four metro cities.

The downward revision comes on the back of declining international crude oil cost. Brent crude oil fell $3.34 a barrel, or 5.3 per cent, to $59.26, its lowest since October 2017.

Oil fell to its lowest level in more than a year on Friday on continued concerns about a rising global surplus, even as producers considered cutting output to curb supply. Prices were on course for their biggest one-month decline since late 2014.

Oil hits lowest in a year as Opec mulls output cut

Oil supply, led by US producers, is growing more quickly than demand and to prevent a build-up of unused fuel such as the one that emerged in 2015, the Organization of the Petroleum Exporting Countries (OPEC) is expected to start trimming output after a meeting on December 6.

(With inputs from agencies)

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