The effect of fall in crude oil prices in the international market remains in the domestic market. Petrol and diesel prices were cut on for the consecutive 13th day on Tuesday. Petrol in Delhi was reduced by Rs 21 paise and diesel by 29 paise on the 13th day. After this cut, the petrol was selling for 71.72 and diesel at 66.39 rupees per liter. In Kolkata, the price of petrol has gone up to 73.75 rupees a liter on Tuesday. The price of Mumbai Petrol has been recorded at Rs 77.29 per liter.
Diesel rate was Rs 66.57 on May 16
Similarly, if the price of diesel is considered, then on May 16, 2018, the rate of diesel was 66.57 rupees per liter. After six and a half months, diesel prices have reached Rs 66.39 per liter. If the crude oil falls further, experts say that the petrol could be below 70 rupees. At the same time diesel is also expected to be around Rs. 65.
On the other hand OPEC’s organization of oil producing nations is scheduled to sit on Thursday. OPEC meeting is showing signs of cut in crude oil production. The coming week will be quite decisive. At the same time, the rupee is constantly getting stronger. Now it has come to 70 compared to the dollar.