Oil Marketing Companies (OMCs) increased the prices of petrol and diesel for the third straight day on Saturday. According to the rate chart of IOC (Indian Oil Corporation), petrol is now being sold at Rs. 76.95 per litre in Delhi and Rs. 84.33 per litre in Mumbai. Petrol prices in Kolkata and Chennai are at Rs. 79.61 per litre and Rs. 79.87 per litre respectively. Diesel can be purchased at Rs. 68.61 per litre in Delhi. Diesel prices stand at Rs. 72.80 per litre in Mumbai, Rs. 71.16 per litre in Kolkata and Rs. 72.43 per litre in Chennai, stated IOC, the nation’s largest fuel retailer.
The above listed rates are applicable from 6 am on July 14, 2018. State-run oil marketing companies Indian Oil, Bharat Petroleum and Hindustan Petroleum revise fuel prices with effect from 6 am on a daily basis. Government allowed revision of fuel rates on a daily basis since mid-June last year to reflect changes in costs instantly.
Globally, oil prices rose about 1 per cent as strike actions in Norway and Iraq hit supplies, but futures were set for a second straight week of decline after Libyan ports reopened and on the view that Iran might still export some crude despite US sanctions, reported news agency Reuters.
Brent crude rose 88 cents to settle at $75.33 a barrel, a 1.18 per cent gain. The global benchmark fell about 2.7 per cent for the week.
West Texas Intermediate (WTI) crude futures rose 68 cents to settle at $71.01 a barrel, but lost about 3.9 per cent this week.