Petrol Price Drops By Rs 5.50 In A Month

Bhubaneswar: After a month-on-month increase in petrol price, a downward trend has finally started.

The price of petrol has witnessed an effective cut of more than Rs 5 within a month in the country’s capital. Petrol on Monday was being sold at Rs 77.56. The price was Rs 82.83 a month back.

In Bhubaneswar, the price of a litre of petrol is Rs 76.53 as against Rs 81.53 on October 13.

Apart from tax cuts, the reduction is being attributed to the fall in global crude oil prices which had reached a four-year high last month, according to Reuters. The Brent crude now stands at USD 70.18, a 19 per cent decrease overall.

Another reason for oversupply is Donald Trump’s pressure on the Saudis to increase production to compensate for the US sanctions on Iran.