Domestic consumers of petrol and diesel must have heaved a sigh of relief over the reduction in retail prices of the two auto fuels, petrol and diesel, by Rs 2 a litre in the past fortnight.

Another downward revision in the prices of petroleum products could be in the offing, judging by the continued softening of international prices of crude oil.

With the Iraq war being finally over and the major oil wells in that country being readied for full production, oil buyers were expecting an oversupply of crude in the international market. This was reflected in the continuing decline in the prices of petroleum products and crude oil.

The prices of international benchmark Brent (dated) crude, which were hovering around $25.67 a barrel on April 22, have declined to $23.90 a barrel on April 25 and further to $23.05 a barrel on April 28.

Jet fuel (Singapore),  which was quoted around $30.13 a barrel on April 22, came down to $28.43 a barrel on April 25 and to $28.05 on April 28.

Prices of 0.5 per cent sulphur diesel (Singapore), which were hovering around $30.03 a barrel on April 22, came down to $28.58 a barrel on April 25 and further to $28.20 a barrel on April 28.

Naphtha (Singapore), which was quoted at $24.38 a barrel on April 22, slid to $23.08 a barrel on April 25 and to $22.35 a barrel on April 28.