Petrol, bulk diesel prices to be cut

Move follows fall in global prices which eased after Iran reached an agreement with western countries last sunday

Oil marketing companies are expected to announce a cut in petrol price and bulk diesel rates later today. This follows a fall in global product prices which eased after Iran reached an agreement with western powers last Sunday.

Retail diesel price are, however, expected to go up by 50 paise as part of gradual move towards decontrol of diesel price. Unlike retail rates, bulk diesel prices are market linked.

The Iranian deal has seen 2% fall in Brent crude oil price over the last one week. The agreement struck between Iran and the US, the UK, Russia, China, France and Germany will allow inspection of Iranian nuclear sites while giving relief on the sanction front.