State-run oil retailers cut petrol price for the eleventh consecutive day as crude oil continued to cool.
The price of petrol was cut by 40 paise to Rs 84.84 a litre in Mumbai, while diesel rates were cut by 32 paise to Rs 72.7 per litre, according to the data available on Indian Oil Corporation Ltd.’s website. This is the biggest single-day cut in the last 11 days.
The price of petrol has now fallen by Rs 1.4 per litre from the record-high of Rs 86.24 hit on May 29. Oil retailers had 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 month after Saudi Arabia and Russia proposed easing output curbs.
Brent crude dropped 0.43 percent last week to close at $76.46 per barrel, after rising 4.5 percent in May. Oil ministers from Saudi Arabia and Russia are set to talk next week, fuelling speculation that two of the world’s biggest crude exporters may be ready to wind down historic production limits. Meanwhile, Venezuelan oil exports have been crippled as the Latin American nation spirals toward economic collapse.