Relief for Kenyans as ERC further slashes petrol, diesel prices

Petrol price crosses Rs 70 in Delhi, diesel retails over Rs 64. Check latest rates

Petrol price crosses Rs 70 in Delhi, diesel retails over Rs 64. Check latest rates

"The changes in this month's prices have been as a outcome of the average landed cost of imported Super Petrol decreasing by 14.87 percent from US$694.18 per ton in November to US$590.92 per ton in December", a statement to newsroom read.

Transport fuel rates were hiked for the fifth time this month and saw their steepest rise on Sunday, amid global crude oil rates continuing to climb handsomely following the implementation of output cuts by oil producers from January 1.

In Delhi, a litre of petrol now costs Rs 70.13 per litre compared to Rs 69.75 recorded yesterday.

The new price of diesel is MVR9.99 (US$0.6) per litre, down from MVR11.9 per litre. Diesel was also retailing higher in Patna (Rs 67.75/litre), Jaipur (Rs 66.70/litre), Bhubaneshwar (Rs 68.67/litre), Bengaluru (Rs 66.29/litre), Chennai (Rs 67.78/litre) and Mumbai (Rs 67.18/litre).

During the last three months, the price of petrol has fallen by about 16% in Delhi while benchmark Brent crude oil has fallen by about 30%.

Among the main driver for the cheaper pump prices has been the significant drop in the cost of crude oil.

Supply cuts from Organization of the Petroleum Exporting Countries (OPEC) and dropping United States drilling activity has also contributed to the stabilisation of oil prices after it dropped almost $30 in the last few months of 2018.

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