Oil marketing companies (OMCs) kept petrol and diesel prices unchanged across cities on Wednesday after raising fuel prices for six days in a row. According to the rate chart, petrol price in Delhi today is at Rs. 76.53 per litre. In Chennai and Kolkata, petrol prices are Rs. 79.43 per litre and Rs. 79.20 per litre respectively. In Mumbai, petrol is being sold at Rs 83.91 per litre today. Petrol prices were same in these metro cities on Tuesday too. Diesel prices also remained constant today, as mentioned on Indian Oil Corporation (IOC)'s website.
Diesel prices today stand at Rs. 68.23 per litre in Delhi. Diesel price in Mumbai is Rs. 72.40 per litre. Diesel price in Kolkata is Rs. 70.78 per litre. In Chennai, it is Rs. 72.03 per litre. The new listed rates are applicable from 6:00 am on July 11, 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.
(The new listed rates are applicable from 6:00 am on July 11, 2018.)
Petrol prices in Delhi are the lowest among all metro cities due to lower sales tax or VAT (Value Added-Tax). Fuel prices in the country are largely determined by oil marketing companies according to global crude oil rates, rupee-dollar exchange rate, among several other factors. Government allowed revision of fuel prices on a daily basis since mid-June last year to reflect changes in cost instantly.
Meanwhile, Brent prices dropped by more than $1 on Wednesday after the United States said it would consider requests for waivers from sanctions due to snap back into place on Iranian crude exports. Brent crude futures were down $1.10, or 1.4 per cent, at $77.76 a barrel by 1:12 am. US crude was down 68 cents, or 0.9 per cent, at $73.43, as per Reuters report.
Efforts by the Organization of the Petroleum Exporting Countries (OPEC) and other producers have led to a tighter oil market after a persistent glut. With the impending sanctions on OPEC member Iran and supply disruptions from Canada to Libya, prices have risen and sparked fears of shortages, amid rising demand.