It may be noted that a litre of petrol is retailing at Rs 77.83 in Delhi while the same quantity of diesel was available for Rs 68.88. Petrol was priced at Rs 80.47 in Kolkata, Rs 85.65 in Mumbai and Rs 80.80 in Chennai on Tuesday.
Petrol price fell today for the eighth straight day in a row as Indian Oil, India's largest retailer, on Wednesday reduced petrol prices by 11 paise, while diesel prices were cut by 8 paise in Delhi. Recent cut in fuel rates in India have come in the backdrop of continuous fall in worldwide oil prices over the week.
Drivers were hit by the worst petrol price rise in 18 years last month, with the cost at the pump rocketing by a "hellish" 6p a litre. Last year, the crude prices began to shot up after the organisation of the petroleum exporting countries and Russian Federation chose to withhold the excessive output to prop up the prices that had fallen to their lowest in more than a decade.
Ruling out a daily price review of petrol and diesel, Oil Minister Dharmendra Pradhan on Monday asked state governments to tax petrol and diesel within a reasonable and responsible band and not continue to reap bonanza from rising oil prices.
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Iran, Iraq, Kuwait, Saudi Arabia, UAE, and Qatar are among the members of OPEC.
While the price of oil passed the $80 a barrel mark (£60) - the price which equates to 4% of GDP - two times during May. Since June 1, it has come down by 39 paise for petrol and 28 paise for diesel.
A report by the competition watchdog has found Darwin motorists are spending 10 cents more than they should per litre of petrol. The outcome of the meeting of the oil producing countries later this month will determine the future prices of oil.