The market saw a drop in the fuel prices this Tuesday. Reports came from different parts of the state that fuel prices have shown some fall, this is happening for the first time since March 2018.
Fuel prices dropped by at least 40 paise in major cities across the country.
In New Delhi the fuel prices were, petrol per litre Rs 74.07 and diesel rs 68.89; In Mumbai petrol sold at Rs 79.62 which was rs80 on Monday; Rs 76.88 per litre in Chennai against Rs 77.32 on Monday and Rs 76.06 in Kolkata against Rs 76.46 yesterday.
To the matter of fact, there are more than one factors behind this price fall. Talking internationally, the international Brent crude oil prices fluctuated. Firstly they fell below $60 per barrel then rising back to $60.50 which was 2 cents above their last closing. According to the Reuters report.
Adding to it, Saudi Arabia maximized its oil production to the booming 11.3 million barrels per day according to a source. Which was the highest this year. The international oil Market has lost its value by one-third from this October month because of high supply and weakness of international finance market.
Ahead of General Elections, Government plans to allot 56,000 petrol pumps.
In the duration of four years, this is the biggest announcement by the Government-owned PSU’s. State-owned oil companies to go for an expansion of their retail operations by opening about 56,000 new fuel pumps across the country. Indian Oil, Hindustan Petroleum and Bharat Petroleum issued advertisements on Sunday for setting up 55,649 petrol pumps across the country. Assembly election process is going on in Rajasthan, Madhya Pradesh, Telangana and Mizoram and advertisement in these states will begin after the elections.