The basket of 12 crude oils of the Organisation of Petroleum Exporting Countries (OPEC), which include Saudi Arabia, closed at USD 80.64 a barrel on Monday compared to USD 81.97 last Friday, the OPEC Secretariat said.

It was reported that OPEC members Venezuela and Ecuador are working on a joint proposal to defend oil prices, but the United Arab Emirates oil minister said the country is "not panicking".

Announcing the diesel price deregulation last month, Finance Minister Arun Jaitley had said, "Price of diesel will be linked to the market, and therefore, depending on whatever is the cost involved, is the element that consumers will have to pay."

''Just like petrol prices, diesel cost will now be governed by market forces. The diesel prices were being increased by 50 paise or so over the last few months. The prices should come down as the global crude oil prices have dropped substantially in recent times," he had added.

Petrol and diesel prices were last cut on Saturday by over Rs 2 per litre each.

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