Economy

Petrol, diesel prices to come down over coming weeks: IndianOil Chairman

Twesh Mishra New Delhi | Updated on October 04, 2019 Published on October 03, 2019

First cut in auto fuel prices happened on October 3.

 

The petrol and diesel prices are expected to cool down over the coming weeks as global petroleum product prices are also easing according to IndianOil.

The price of petrol fell by 10 paisa to ₹74.51 per litre and diesel by 6 paisa to ₹67.43 a litre on Thursday. This is first cut in auto fuel prices since September 14 after a drone attack on Saudi Arabia’s crude oil processing facilities hit the Kingdom’s oil production by half.

“The price of products was also affected after the attack in Saudi Arabia because the refinery throughput had gone down. Gasoline (petrol) and diesel price had gone up,” IndianOil Chairman Sanjiv Singh told BusinessLine  at the sidelines of the World Economic Forum’s 33rd India Economic Summit hosted in collaboration with the Confederation of Indian Industry (CII).

“Now the price of Gasoline is coming down and we can see a similar trend in the Indian market over the coming weeks. The price in the Indian has started to come down from today,” he added.

Auto fuel prices have been rising steadily over the fortnight after the attack, from ₹71.97 a litre for petrol and ₹65.37 a litre for diesel in daily price revisions.

Also speaking at the event Minsiter for Petroleum and Natural Gas, Dharmendra Pradhan said, “Today, we are meeting in the backdrop of a major oil and gas crisis resulting from attacks on Saudi oil processing plants at Abqaiq and Khurais.”

“The price volatility and concerns about sustained oil supplies made consuming countries vulnerable given the fact that India, along with most South Asian countries, have a major dependency on crude oil & gas imports. So securing affordable and sustainable energy figures as a top agenda for all these countries, including India,” Pradhan added.

Published on October 03, 2019
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