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HPCL Chairman Mukesh K Surana
HPCL Chairman Mukesh K Surana

'Fuel prices may be lowered post OPEC meeting'

ANI | Updated: May 23, 2018 18:44 IST

New Delhi [India], May 23 (ANI): Hindustan Petroleum Corporation Limited (HPCL) Chairman Mukesh K. Surana on Wednesday said fuel prices may be lowered post the upcoming Organisation of the Petroleum Exporting Countries (OPEC) meeting.
Speaking to ANI, Surana said geopolitical reasons which took place back-to-back in recent times have led to the surge in fuel prices.
"There is a meeting of OPEC scheduled to take place soon. Some triggers might come from there if OPEC countries increase production of oil that could help fix the perception of high demand and less supply. In the immediate future, however, fuel prices might stay high," he said.
Petrol prices rose by 30 paise in most metropolitans earlier today, leaving common man hassled.
In Mumbai, petrol was sold at Rs. 85 per litre, whereas in New Delhi, the rate has crossed Rs. 77 for a litre.
Analysts believe that the less production of oil in the OPEC and hike in crude oil price in the international market are some of the factors affecting the fuel price hike. (ANI)