Oil-marketing companies slashed the prices of petrol across the four metro cities for the tenth straight day on Saturday. Petrol is priced at Rs. 80.45 per litre in New Delhi, Rs. 82.31 per litre in Kolkata, Rs. 85.93 per litre in Mumbai and Rs. 83.60 per litre in Chennai, according to Indian Oil Corporation (IOC). Diesel is selling at Rs. 74.38 per litre in New Delhi, Rs. 76.23 per litre in Kolkata, Rs. 77.96 per litre in Mumbai and Rs. 78.64 per litre in Chennai. Petrol and diesel rates are decided on a daily basis by oil-marketing companies on the basis of the rupee-dollar rate and global crude oil prices.
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 on Friday, supported by expectations that sanctions on Iran would tighten global supplies, but futures posted a weekly drop as a slump in stock markets and concerns about trade wars clouded the fuel demand outlook, reported news agency Reuters.
Brent crude futures rose 73 cents, or 1 per cent, to settle at $77.62 a barrel. The global benchmark marked a weekly loss of about 2.7 per cent and is down about $10 in three weeks.
US West Texas Intermediate (WTI) crude futures rose 26 cents, or 0.4 per cent, to end at $67.59 a barrel. It posted a weekly loss of about 2.3 per cent.
(With Reuters inputs)