Fuel price cut relief may come soon as global oil softens

Consumer’s bearing the brunt of rising fuel prices for more than a couple of months may expect some relief over the next few days as Oil marketing companies (OMC) have begun evaluating the fall in global oil prices and its resultant impact on fuel prices in the country.

The benchmark Brent crude that had risen to $77 a barrel late last month has shed more than 10 per cent in the last fortnight to reach a level of $68.85 a barrel now. If the price line remains below $70 a barrel for a few more days, petrol and diesel prices could see a cut in the coming days.

Already the impact of softening of prices in the oil market is being seen in the fuel price movement in the country. On Wednesday, the OMCs kept the retail price of petrol and diesel unchanged. This is the fourth consecutive day, the longest period in weeks, when fuel prices have remained steady.

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