The department confirmed that the price of petrol has been increased by 82 cents a litre for 95 and 93 ULP and between 85 and 87 cents a litre for both grades of diesel, Randburg Sun reports.
Price of non-branded diesel was also reduced to Rs 68.80 per litre in New Delhi, Rs 71.35 per litre in Kolkata, Rs 73.25 in Mumbai and Rs 72.64 per litre in Chennai. Recent cut in fuel rates in India have come in the backdrop of continuous fall in global oil prices over the week.
Notably, in the 16 days of hike, petrol prices had risen by more than Rs 3.7 in the four metros. United States crude ended $1.06 lower at $64.75 a barrel, after earlier touching $64.57 - its lowest since April 10.
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Mr Williams said that the oil price had since cooled a little, suggesting that the constant increases in the cost of petrol might have stopped for the time being.
Since April, growing concerns about risks to global crude oil supplies have caused worldwide oil prices, and local retail petrol prices, to jump dramatically, peaking in May. In real terms, average prices in the March quarter 2018 were the highest since the September quarter 2015 (138.5 cpl).
These factors include Middle East tensions, the potential for renewed U.S. sanctions against Iran and concerns over Venezuelan supply. Since June 1, it has come down by 39 paise for petrol and 28 paise for diesel.
"The pump price should fall around 3 cents a litre to around $1.50 a litre in the next fortnight", CommSec chief economist Craig James said.