OMCs cut petrol and diesel prices

The prices of petrol and diesel have come down by over Rs 5 a litre each since the beginning of this year. State-owned oil marketing companies (OMCs) have reduced the prices of sensitive petroleum products such as petrol and diesel by 30 paise and 25 paise a litre respectively across major cities as the price…

The prices of petrol and diesel have come down by over Rs 5 a litre each since the beginning of this year.

State-owned oil marketing companies (OMCs) have reduced the prices of sensitive petroleum products such as petrol and diesel by 30 paise and 25 paise a litre respectively across major cities as the price of international crude oil fell.The sixth consecutive cut in petrol and diesel prices comes after the OMCs reduced the price of petrol and diesel prices by quarter of a rupee on Monday and are likely to maintain the declining trend this week.CityPrice of petrol per litre Price of diesel per litreDelhi₹70.29₹63.01Mumbai₹75.99₹65.97Chennai₹73.02₹66.48Kolkata₹72.98₹65.34The prices of petrol and diesel have come down by over ₹5 a litre each since the beginning of this year.The prices of petrol and diesel are likely to come down further in the coming weeks as India follows the monthly average pricing of benchmark crude oil.Experts see the Brent crude oil price fall as a blessing for the macroeconomy as India imports over 83% of its requirements.Shares of state-owned oil marketing companies (OMCs) surged on falling crude oil prices.Shares of HPCL gained 6.17% to close at ₹213.25, BPCL shares closed up 5.20% at ₹423.80 in a weak Mumbai market on Monday. Indian Oil Corporation (IOCL) shares closed down 1.34% at ₹99.45. The market was closed on Tuesday on account of Holi.

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