Petrol prices are set to drop around the country

World oil prices have increased by 67 per cent since June last year prompting the price of petrol to surge

Petrol price has dropped by 70 paisa a litre and diesel by 50 paisa in the last eight days. Petrol prices were reduced by 11 paise in Mumbai to Rs 85.54; and by 12 paise in Chennai to Rs 80.68.

State-run oil marketing firms have been lowering petrol prices since last one week although the rates continue to rule at unprecedented levels following the resumption of daily price changes after a 20-day suspension of the system last month owing to the Karnataka elections. United States crude ended $1.06 lower at $64.75 a barrel, after earlier touching $64.57 - its lowest since April 10.

Living in Australia's smaller cities results in higher prices, with fuel costs in Canberra, Hobart and Darwin always higher than those in larger cities, such as Sydney and Brisbane, with the average difference about 13 cents per litre. This was in line with the higher crude oil prices.

In the March quarter 2018, prices increased from 133.8 in early-January 2018 to 140.7 cpl in late-February 2018.

Iran, Iraq, Kuwait, Saudi Arabia, UAE, and Qatar are among the members of OPEC.

The price of a litre of petrol in Delhi came down to Rs 77.83 on Tuesday from Rs 77.96 the previous day, according to Indian Oil Corporation.

Recently, Goldman Sachs projected an oil price hike to USD 83 per barrel, Morgan Stanley predicted oil hitting USD 90 per barrel, and Bank of America Merrill Lynch said that crude oil could hit USD 100 per barrel by next year.

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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