Petrol prices slashed again, significant cuts likely in next few weeks
Following the huge drop in crude prices — as much as 48% since April last year — the fall in petrol and diesel will likely continue over coming weeks. As per media reports, petrol and diesel could get cheaper by as much as Rs 5-6 in the next week itself.
Hindustan Times even went on to claim that prices of vehicle fuel could drop as much as Rs 8 if the rupee-dollar exchange rate is factored in.
Following the breakdown of OPEC+ talks on production cuts and Saudi Arabia’s decision to pump more oil into the market as a retaliatory step, the global oil market went into a tailspin with crude prices tumbling more than 30 per cent to just about $35 a barrel, before recouping some of the losses.
