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Petrol, diesel prices likely to be cut this weekend 11/12/2014 10:54:58 PM Agencies New Delhi, Nov 12 : Petrol and diesel prices are likely to be cut by close to Rs. 1 per litre this weekend on the back of sliding global oil rates. This would be the seventh reduction in petrol prices since August and the third in rates of diesel since its decontrol last month. Following their fortnightly review practice, state-owned fuel retailers Indian Oil Corp (IOC), Bharat Petroleum Corp (BPCL) and Hindustan Petroleum Corp (HPCL) are due to revise rates of petrol and diesel on Saturday. In all probability, rates will be reduced if the current trend of declining international oil prices continues, industry sources said. Petrol price was last cut by Rs. 2.41 a litre on November 1. On the same day, the price of diesel was also reduced by Rs. 2.25 per litre. (Read more) Since August, petrol price has been cumulatively cut by Rs. 9.36 per litre. At present, a litre of petrol in the national capital costs Rs. 64.25 a litre, while diesel costs Rs. 53.35 a litre. Diesel price was for the first time in more than five years cut on October 19, by Rs. 3.37 a litre, when the government decided to deregulated the fuel. This was followed by another cut on November 1. Prior to the October 19 reduction, diesel rates were last cut in January 2009. Sources said oil firms revise rates of petrol, which was deregulated in June 2010, and diesel on 1st and 16th of every month based on average international oil price and rupee-US dollar exchange rate. Brent crude fell for a third day amid signs that Organization of the Petroleum Exporting Countries (OPEC) members are reluctant to reduce supply even as prices slumped deeper into a bear market. It declined by 82 cents to $80.85 per barrel. (Read more) Brent has lost almost 30 per cent since its June peak amid speculation that global supply is outpacing demand   Share This News with Your Friends on Social Network     Comment on this Story

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