- Fuel prices revised on Friday for second day in a row
- Petrol is being sold at Rs. 76.76 per litre in Delhi
- Brent crude eased 20 cents or 0.3% to $74.25 by 00:59 am
Oil Marketing Companies (OMCs) increased the prices of petrol and diesel across the nation for the second straight day on Friday. According to the rate chart of IOC (Indian Oil Corporation), petrol is now being sold at Rs 76.76 per litre in Delhi and Rs 84.14 per litre in Mumbai. Petrol prices in Kolkata and Chennai are at Rs 79.42 per litre and Rs 79.67 per litre respectively. Diesel can be purchased at Rs 68.43 per litre in Delhi. Diesel prices stand at Rs 72.61 per litre in Mumbai, Rs 70.98 per litre in Kolkata and Rs 72.24 per litre in Chennai, stated IOC, the nation's largest fuel retailer.
The above listed rates are applicable from 6 am on July 13, 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.
The prices of fuel in Delhi had hit an all-time high of Rs 78.43 per litre for petrol and Rs 69.31 per litre for diesel on May 30 this year which were reduced later.
In global markets, oil prices edged lower on Friday and were set for a second weekly fall, as they shrugged off a warning that spare capacity may be stretched as OPEC and Russia increase production, as reported by news agency Reuters.
Brent crude eased 20 cents, or 0.3 per cent, to $74.25 by 00:59 am. On Thursday, it gained $1.05 a barrel, rebounding from a session low of $72.67. It is heading for a weekly fall of nearly 4 per cent.
US crude dipped 4 cents to $70.29, after a five cent decline in the previous session. It is heading for a weekly decline of nearly 5 per cent.
It has been a wild week for oil prices with both the main benchmarks suffering heavy losses on Wednesday as traders focused on the return of Libyan oil to the market amid concerns about a China-US trade war, said Reuters. (With inputs from Reuters)