Fuel prices hit an all time low; could surge again if OPEC cuts supply

Monday, 10 December 2018

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Fuel prices hit an all time low; could surge again if OPEC cuts supply

G Plus News | December 06, 2018 15:18 hrs

GUWAHATI: It is likely that oil producers cartel Organisation of the Petroleum Exporting Countries (OPEC) will cut crude oil production at its Vienna meeting on 6 December. 

In such a scenario, petrol and diesel prices will also increase in India with any increase in crude oil rates. 

In the meantime, petrol, diesel prices were decreased once again today. A litre of petrol now costs Rs. 70.77 and that of diesel is Rs. 66.36 in Guwahati.

According to a report published with Reuters, the cut will be between 1.0 and 1.3 million bpd. 

It is to be mentioned that each state has a different price structure because of Value-added Tax (VAT). The revision of fuel prices will occur using a mechanism called dynamic fuel pricing.

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