Petrol prices likely to be slashed by up to Rs 2.40 per litre

Last Updated: Tuesday, August 12, 2014 - 15:23

Zee Media Bureau

Sate-run oil marketing companies may cut petrol prices by up to Rs 2.40 per litre at their scheduled review meeting on Friday with the rates of crude declining in the international market.

This will be third consecutive petrol price cut in a month. Petrol price was last cut by Rs 1.09 a litre from August 1 following drop in international oil rates and rupee depreciation against US dollar, making imports cheaper.

Currently, petrol retail price is at Rs 72.51 per litre in Delhi.

At interantional level, brent crude extended losses for a third straight session today, dropping below USD 104 a barrel as fresh unrest on the streets of Baghdad was seen as posing little threat to the OPEC producer`s oil output.

September Brent crude fell USD 1 to USD 103.68 a barre. The contract on Monday fell 34 cents to close at USD 104.68.

US crude was down 95 cents to USD 97.13 a barrel.

With agency inputs

First Published: Tuesday, August 12, 2014 - 15:13

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