Here are your official petrol prices for June

Prices appear to have peaked and are expected to drop by the June long weekend

In the last eight days, petrol prices have been lowered by 71 paise per litre in Delhi, 70 paise in Mumbai, 69 paise in Kolkata and 75 paise per litre in Chennai, data from International Olympic Committee website showed.

The reduction in petrol and diesel prices by a meagre 11 and 8 paise per liter comes as a rude shock to many who have been expecting a respite. Recent cut in fuel rates in India have come in the backdrop of continuous fall in worldwide oil prices over the week.

State-owned oil companies in June 2017, dumped the 15-year old practice of revising rates on 1st and 16th of every month and instead adopted a dynamic daily price revision to instantly reflect changes in cost.

Brent crude fell $1.10 a barrel to $75.69 on Monday afternoon.

Since April, growing concerns about risks to global crude oil supplies have caused worldwide oil prices, and local retail petrol prices, to jump dramatically, peaking in May.

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This has been compounded by recent concerns about risks to worldwide crude oil supplies including: a potentially spreading conflict in the Middle East; renewed United States sanctions against Iran; and falling crude oil output due to the political and economic crisis in Venezuela.

During the period, petrol price was increased by Rs 3.8 while diesel price climbed Rs 3.38.

The Organisation of the Petroleum Exporting Countries comprises 14 member nations including Iran, Iraq, Kuwait, Saudi Arabia, Venezuela, Qatar and the UAE. If crude prices go up as predicted then it would hit India really hard.

Petrol price in New Delhi on Wednesday stood at Rs 77.723 per litre.

Sudden hike in petrol and diesel prices was a result of uptick recorded in worldwide crude oil that had gone up due to multiple global factors- fear of new USA sanction on Iran and short supply.

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