Public sector oil manufacturing companies on Tuesday slashed petrol and diesel prices by 13 paise per litre and 9 paise per litre, respectively. Recent cut in fuel rates in India have come in the backdrop of continuous fall in worldwide oil prices over the week.
ACCC chairman Rod Sims said concern about the global supply of crude oil had pushed up oil prices, with those rises being passed on at the pump.
As well as the higher global market price of crude, the pound's current weakness against the USA dollar also makes petrol more expensive as oil is traded in dollars.
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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.
These factors include Middle East tensions, the potential for renewed United States sanctions against Iran and concerns over Venezuelan supply.
Since OPEC countries orchestrated an oil supply cut in 2016, the cost of a litre of unleaded petrol has risen by more than a third - from $1.14 to $1.53 - adding $27 to the price of filling a family auto.
With today's cut here in India, petrol price in the national capital has come down - in last seven days - by 60 paise from its record high of Rs 78.43 on May 29. Sydney had the lowest average price for the quarter, at 132 cents per litre.