Sanctions game
The global oil market has become a battleground of sanctions and strategic manoeuvres.
Petrol prices on Monday declined to their lowest levels of 2018 across the four metro cities, with the fuel being sold at Rs 68.84 per litre in the national capital.
On Sunday it was priced at Rs 69.04 in Delhi, according to the Indian Oil Corp’s website.
In Kolkata, Mumbai and Chennai, the petrol prices fell to fresh lows of the year, at Rs 70.96, Rs 74.47 and Rs 71.41 respectively, down from Rs 71.15, Rs 74.67 and Rs 71.62 per litre.
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The decline in domestic fuel prices comes amid the recent fall in global crude oil prices.
As per the country’s dynamic pricing mechanism, the domestic fuel prices depend upon international fuel prices on a 15-day average and the value of the rupee.
Oil prices, however, are likely to gain in the days ahead as the production cut by OPEC and non-OPEC countries comes into effect on January 1.
In tandem with petrol prices, cost of diesel also registered a decline on Monday.
Its price in Delhi, Kolkata, Mumbai and Chennai was Rs 62.86, Rs 64.61, Rs 65.76 and Rs 66.35 respectively against the previous levels of Rs 63.09, Rs 64.84, Rs 65.76 and Rs 66.59 per litre.
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