An oil ministry spokesperson has said that the Freight on Board (FOB) prices for diesel have come down to USD 82.72 from USD 87.73
There maybe further reduction in domestic fuel prices as international Freight on Board prices soften.
An oil ministry spokesperson has said that the Freight on Board (FOB) prices for diesel have come down to USD 82.72 from USD 87.73, according to a CNBC-TV18 report.
FOB is the point at which the costs and risks of shipped goods are shifted from the seller of the goods to the buyer.
For example, if the goods are to be shipped from point A to point B, the FOB price is that price at which the cost of the movement of goods to reach port A, is borne by the seller. The remaining cost of the movement of goods is the responsibility of the buyer.
The FOB prices for petrol has come down to USD 79.31 from USD 83.87. The spokesperson also said retail fuel prices of diesel and petrol fell to 14 paise and 11 paise, respectively, on July 16.
The current price of petrol is Rs 76.84 per litre and diesel is at Rs 68.47 per litre in New Delhi.
Fuel prices may continue to be at higher rate this year due to a rise in global oil prices, and risks from a depreciating rupee, according to a report from Fitch Ratings.