Zee Media Bureau
Oil marketing companies may reduce petrol prices by 50 to 80 paise per litre on the back of softening in international rates.
Brent crude futures steadied near 14-month lows above USD 101 a barrel today, with ample supplies putting prices at risk of further losses as worries over geopolitical tensions ease.
The oil benchmark has fallen more than 12 percent from this year`s peak of USD 115.71 reached in June due to the turmoil in Iraq.
While the conflict there continues, there has been no significant disruption to oil supply from the No. 2 OPEC producer, giving space for a sustained retreat in prices.
Meanwhile, the international crude oil price of Indian Basket as computed/published today by Petroleum Planning and Analysis Cell (PPAC) under the Ministry of Petroleum and Natural Gas went down to USD 99.94 per barrel on Tuesday.
This was lower than the price of USD 100.04 per barrel on previous publishing day of Monday.
In rupee terms, the price of Indian Basket decreased to Rs 6069.36 per barrel on Tuesday as compared to Rs 6108.44 per barrel on Monday.
Oil firms had last cut rates on August 15 by Rs 2.18 per litre in Delhi.
The government had in June 2010 freed petrol prices and since then rates have moved in tandem with the cost on most occasions.
First Published: Wednesday, August 20, 2014, 13:03