Petrol, diesel prices cut marginally on Wednesday

The cost of petrol will finally start to fall across Australia after weeks of soaring prices. Drivers in Sydney Melbourne Perth and Adelaide have been paying around $1.40 on average

Diesel price came down by 9 paise to Rs 68.88.

The so-called big four supermarkets - Tesco, Asda, Sainsbury's and Morrisons - raised the price of petrol by 5.49p a litre and diesel by 5.88p in May.

Petrol price fell today for the eighth straight day in a row as Indian Oil, India's largest retailer, on Wednesday reduced petrol prices by 11 paise, while diesel prices were cut by 8 paise in Delhi.

After the one paisa reduction in fuel prices on May 30, which caused much criticism from the Opposition, prices have since fallen continuously.

The price of unleaded petrol has increased by over 40 cents a litre in the last two years due to the Organisation of Petroleum Exporting Countries, or OPEC, orchestrating a supply shortage.

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Under the dynamic pricing scheme, petrol and diesel prices are revised on a daily basis in sync with global crude oil prices.

Brent crude futures lost United States dollars $1.50 per barrel to settle at $75.29 per barrel. Last year, the crude prices began to shot up after the organisation of the petroleum exporting countries and Russian Federation made a decision to withhold the excessive output to prop up the prices that had fallen to their lowest in more than a decade. Venezuela's crude oil production fell almost 13 per cent previous year due to intense internal conflict and Iran is staring at a fresh sanction from the US.

Brent Crude oil prices have now retreated from the $80-mark.

Brisbane saw the highest average petrol prices of Australia's major cities for the March quarter, hitting 138.2 cents per litre.

Since OPEC countries orchestrated an oil supply cut in 2016, the cost of a litre of unleaded petrol has risen by more than a third - from $1.14 to $1.53 - adding $27 to the price of filling a family vehicle. Sydney had the lowest average price for the quarter, at 132 cents per litre.

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