Diesel likely to be cheaper by up to 75 paise/litre

New Delh – Oil marketing companies may cut diesel prices by 50 to 75 paise per litre in their scheduled mid month review due to fall in international crude prices. 

Brent crude eased for a fourth straight session on Tuesday, with prices holding near a 16-month trough below USD 100 a barrel, amid concerns of ample global supply and slower-than-expected growth in the world`s top oil consumers.

Continued output from strife-torn countries such as Iraq and Libya and the shale oil boom in the United States have lessened supply side risks, while slowing growth in western economies and China have raised demand concerns, said Tetsu Emori, a commodity fund manager at Japan`s Astmax Co Ltd.

Brent was trading down 33 cents at USD 99.87 after ending the previous session 62 cents lower. On Monday, prices slid below USD 100 for the first time in almost 15 months and hit a low of USD 99.36 – the weakest since May 1, 2013.

Meanwhile, the international crude oil price of Indian Basket as computed/published today by Petroleum Planning and Analysis Cell (PPAC) under the Ministry of Petroleum and Natural Gas was USD 98.11 per barrel on Monday. This was lower than the price of USD 99.66 per barrel on previous publishing day.

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