Assembly Election Results 2018: Petrol, diesel prices cut for sixth straight day

As people are waiting for assembly poll results to be announced, petrol, diesel prices have again come down on the sixth straight day in the wake of the softening of international crude oil prices. Petrol in Delhi today costs Rs 70.31 a litre and diesel is priced at Rs 64.82 per litre, according to state-owned oil firms' price notification.
 
Notably, Madhya Pradesh, Rajasthan, Chhattisgarh, Telangana and Mizoram state assembly electioon results will be announced later today. 
  
According to IOL website, petrol in Mumbai is retailing at Rs 75.90, down 23 paise from Monday’s Rs 76.13, while diesel here being sold at Rs 67.66 as against Rs 68.81 on Monday.
 
However in Kolkata a litre of petrol today costs Rs 72.28, while diesel is available at Rs 66.40. Petrol and diesel prices in Chennai are retailing at Rs 72.84 and Rs 68.41 respectively.
 
Notably, the prices of petrol and diesel are dependent on the global rates of benchmark fuel and the rupee-US dollar exchange rate. 
 
Oil prices, however, remained on shaky ground today after sliding by 3 percent the previous day, pressured by weakness in global stock markets. There were doubts that planned supply cuts led by producer club OPEC will be enough to rein in oversupply.
 
US West Texas Intermediate (WTI) crude futures were at $51 per barrel at 0028 GMT, unchanged from their last close, while International Brent crude oil futures had yet to trade, according to a Reuters report.
 
Crude prices are down around a third since early October amid the financial market slump and an emerging oil supply overhang.

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Last week on Friday, the OPEC-led group of oil producers announced a supply cut of 1.2 million barrels per day (bpd) in crude oil supply from January, measured against October 2018 output levels.
 
Meanwhile, India`s rupee also plunged today, following Reserve Bank of India Governor Urjit Patel`s unexpected resignation after market hours on Monday shocked investors. The rupee came off earlier lows at 72.1350 to the dollar after opening at 72.46, but was sharply lower from its close of 71.35 on Monday.
 
The RBI governor yesterday resigned abruptly after a months-long tussle over policy with the government that has raised concerns about the central bank`s independence.