ACCC: Petrol prices highest since 2015

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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. On the other hand, the price of diesel is down 11 paise at Rs 68.88/litre in Delhi; Rs 71.43/litre in Kolkata; Rs 73.33/litre in Mumbai; Rs 72.72 in Chennai and Rs 70.06 in Bengaluru.

Fuel prices dropped for the seventh consecutive day as petrol and diesel prices were cut by 13 paise and 9 paise, respectively, on Tuesday. Recent cut in fuel rates in India have come in the backdrop of continuous fall in global oil prices over the week.

The price of petrol at the pumps rocketed by a "hellish" 6p a litre in May - the worst monthly rise for 18 years, the RAC has said.

Brent crude futures lost Dollars $1.50 per barrel to settle at $75.29 per barrel.

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The good news is, CommSec thinks petrol prices may have peaked, after weekly price data from the Australian Institute of Petroleum showed a 0.1 cent fall in national average prices last week, to 153.3 cents per litre for unleaded petrol.

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.

According to a report in Reuters, OPEC Ministers from Saudi Arabia, the United Arab Emirates, Kuwait and Algeria met unofficially in Kuwait on Saturday. Since June 1, it has come down by 39 paise for petrol and 28 paise for diesel.

Petrol now costs Rs 77.72 in Delhi, while in Mumbai it costs Rs 85.54 per liter. The outcome of the meeting of the oil producing countries later this month will determine the future prices of oil.

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