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It may be noted that a litre of petrol is retailing at Rs 77.83 in Delhi while the same quantity of diesel was available for Rs 68.88. Petrol prices were reduced by 11 paise in Mumbai to Rs 85.54; and by 12 paise in Chennai to Rs 80.68.

The RAC said the average prices of both petrol and diesel had risen every single day since 22 April, adding 8p a litre in the process. Recent cut in fuel rates in India have come in the backdrop of continuous fall in worldwide oil prices over the week.

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. USA crude ended $1.06 lower at $64.75 a barrel, after earlier touching $64.57 - its lowest since April 10.

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

The recent price cuts have come as a huge relief to the public that was exposed to exorbitant rates when prices of global crude oil were increasing continuously.

The burden of isolation contributed to the higher prices, including a lower level of competition, less fuel sold, distance and location factors and lower convenience store sales. This compares to Rs 3.64 a litre hike in petrol and Rs 3.24 a litre hike in diesel rates in Delhi in the fortnight after state-owned oil firms ended a 19-day pre-Karnataka poll hiatus to resume daily price revision on May 14.

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

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


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