By Our Reporter
SHILLONG, July 3: Motorists in Shillong are unlikely to get any immediate relief at the petrol pump, even though global crude oil prices have slipped to a four-month low of around USD 70.15 per barrel.
Petrol continues to retail at approximately Rs 102.60 per litre in the city. Just a few months ago, the price was around Rs 96 per litre before it was hiked amid recent geopolitical tensions in the Middle East.
While consumers had been hoping for a downward revision following the softening of global crude prices in recent weeks, Union Petroleum Minister Hardeep Singh Puri has made it clear that retail prices in India will come down only after the lower-priced crude currently being purchased reaches Indian refineries and is processed.
Until then, Shillong and the rest of the country will have to wait for any reduction in fuel prices.
Interestingly, global crude oil prices have been witnessing a steady decline in recent weeks, driven by a combination of easing geopolitical tensions in key oil-producing regions, higher supply from non-OPEC countries like the US, and sluggish demand from major economies.
