State-run oil marketers cut petrol prices for the sixth straight day, giving some more relief to the consumers dealing with record high rates.
The price of petrol was cut by 15 paise today to Rs 85.77 a litre in Mumbai, and the diesel rates were reduced by 14 paise to Rs 73.43, according to the data available on Indian Oil Corporation Ltd.’s website. The prices are marginally lower than the all-time high levels hit last week.
Petrol and diesel prices touched record levels at Rs 86.24 and Rs 73.79, respectively on May 29, after the prices were increased by Rs 3.83 a litre and Rs 4 a litre, respectively, from May 14 as oil retailers raised fuel prices for 16 straight days following a 19-day freeze in the run-up to the Karnataka assembly election.
The rally in oil prices that took Brent crude to the $80-mark for the first time since 2014 stalled last week after Saudi Arabia and Russia proposed easing output curbs after eliminating an inventory surplus that had sparked the biggest price crash in a generation.
Brent crude traded lower for the second day by 0.3 percent at $76.60 per barrel as of 8:20 a.m. on Monday.