Oil Marketing Companies (OMCs) slashed the petrol and diesel prices on Saturday. According to the rate chart of IOC (Indian Oil Corporation), petrol is being sold at Rs. 76.47 per litre in Delhi and Rs. 83.91 per litre in Mumbai. Petrol prices in Kolkata and Chennai are at Rs. 79.27 per litre and Rs. 79.43 per litre respectively. Diesel can be purchased at Rs. 68.08 per litre in Delhi. Diesel prices stand at Rs. 72.28 per litre in Mumbai, Rs. 70.71 per litre in Kolkata and Rs. 71.90 per litre in Chennai, stated IOC, the nation’s largest fuel retailer.
The above listed rates are applicable from 6 am. 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.
Oil prices edged up on Friday as a weakening dollar and lower expected August oil exports from Saudi Arabia supported the market, offsetting concerns about US-China trade tensions and supply increases, reported news agency Reuters.
Despite the day’s advance, prices remained on course for a third consecutive weekly decline as gains in supply had dragged on prices during the week.
Brent crude was up 34 cents at $72.92 a barrel. Brent was on track to fall 3.2 per cent in the week.
The expiring US West Texas Intermediate (WTI) crude for August delivery was up 79 cents at $70.25 a barrel, while the more liquid September contract rose 10 cents to $68.34 a barrel. US crude is set to end the week down 1 per cent.
US drillers this week cut oil rigs by the most since March, with the rate of growth slowing over the past month with recent declines in crude prices.