Global benchmark Brent crude dipped on Thursday as concerns about mounting supply returned after a brief rally earlier in the session on comments that Saudi Arabia’s exports would fall in August.
Crude oil prices have started on a weak note. The supply concerns are eased and there are potential supply increase that the markets are readying themselves with, especially from Russia and Saudi Arabia, and that is pulling the prices lower
Petrol and diesel prices were both unchanged in four metro cities applicable from 6:00 a.m. on 17th July 2018. Last month, members of the Organisation of the Petroleum Exporting Countries (OPEC), agreed to jointly increase oil production, which was estimated to be about one million barrels a day.
Petrol and diesel prices were slashed with effect from 6 am on Monday, according to the website of Indian Oil Corporation (IOC), the largest fuel retailer in the country. One litre of petrol was being sold in New Delhi for Rs. 76.84, in Kolkata for Rs. 79.51, in Mumbai for Rs. 84.22, and in Chennai for Rs. 79.77.
Petrol, diesel prices were hiked for the second straight day on Friday despite a fall in the global crude prices over last few days and rupee’s appreciation against the dollar.
Share prices of oil marketing and aviation companies rallied 4-6 percent intraday on Thursday following the sharp correction in crude oil prices in the international markets.
Oil Marketing Companies (OMCs) raised the retail prices of petrol and diesel across the nation today, the seventh such hike in the current month alone, in line with the rise in global crude prices.
India, the world’s fastest growing oil consumer, is bucking an emerging market trend of populist measures to curb surging oil prices.
The prices of petrol and diesel were raised by the state-run oil marketing companies (OMCs) on Thursday. According to the rate chart, petrol can be purchased for Rs. 76.59 per litre in Delhi.
Petrol prices on Tuesday witnessed a hike for the sixth consecutive day in all four metro cities, as per the data provided by the official website of Indian Oil Corporation (IOC) Limited. Following suit, diesel prices have also ramped up consistently in the last six days.