More production from west to calm oil markets, stable prices: Hardeep Puri
Puri was addressing the 12th Public Sector Enterprises (PSE) Summit, organised by Confederation of Indian Industry (CII) in New Delhi.
With transport fuel prices on a downward trend for over a week, an official source said on Friday that the reductions were a result of falling global crude oil prices and the rupee’s appreciation against the US dollar and that prices were expected to soften further in the coming days.
Under the daily dynamic pricing regime, petrol in Delhi on Friday cost Rs 80.85 per litre and diesel was priced at Rs 74.73.
“Since last eight days, international oil prices have been falling and rupee has also appreciated,” the source said.
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With the previous rise in global oil prices, petrol and diesel were sold in Delhi at Rs 84 and Rs 75.45 per litre respectively on October 4 when the government cut excise duty by Rs 1.50 per litre each and oil marketing companies were asked to reduce their margin by Rs 1 a litre.
“This means that in the last one week, retail prices have registered a reduction of Rs 1.98 per litre on petrol and Rs. 0.96 per litre on diesel,” the source said.
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