Dip in international oil prices
Posted on: 15/Mar/2017 11:33:00 AM
Motorists can heave a sigh as oil prices have come down by 10 percent in the past 15 days. This is to be attributed to the fall in crude oil price. The price was $55 per barrel on 1st March to $50 per barrel on Monday, the 13th March.
Since Organization of the Petroleum Exporting Corporations announced on 30th November that it is cutting its output, the scenario of international oil prices have reversed. While the Opec still abides by its pledge to cut, there is continuous increase by the inventories.
The price of crude oil saw a three month low following Opec reports stating that there is rise in price by crude oil inventories.
A senior government official stated that new prices will be calculated based on the average of fuel price in the past 15 days, and he pointed that it will be done when no cut in price was made.
The price hike of crude oil has resulted in increase in in petrol rates to up to Rs 71.13 a litre and diesel to Rs 59.02.
