You may have to pay more for petrol, diesel again due to Opec output cut

An increase of a dollar in oil prices on a permanent basis would increase the country's import bill by roughly $1.6 billion per annum

Brent Crude oil prices might swing back to $70 a barrel with the Organization of Petroleum Exporting Countries (OPEC) deciding to cut production by close to 1.2 million barrels per day (mbpd).

CARE Ratings, in a report, said it foresees an increase in the retail prices of petrol and diesel in the coming few days, depending on how the oil markets react in the reduction in supply from the cartel. 

The prices of petrol and diesel dropped on Monday by 24 paise and 27 paise, respectively. Petrol prices in Delhi were Rs 70.31 a litre; diesel was at Rs 64.82