CHENNAI: With demand concerns rising among oil traders as global cases of the Delta variant of Covid-19 increase, Brent crude prices have declined over 4% to below the $70 per barrel mark on Monday, extending the losses seen last week. As of 9 pm IST, Brent Crude was trading at $68.7 a barrel on the International Commodities Exchange — a 12% fall in just eight days.
The decline is good news for Indian fuel consumers, who have had to shell out over Rs 100 per litre for petrol in most states, since oil marketing companies are likely to start effecting fuel price cuts if the declining trend in crude oil prices hold. OMCs determine daily retail fuel prices based on a 15-day rolling average of the international benchmark price for gasoline and diesel.
