Petrol, diesel prices: For the second straight day, oil marketing companies (OMCs) on Friday hiked petrol and diesel prices across cities. According to the latest price chart from IOC app, petrol price retailed in Delhi at Rs 76.76 a litre – a hike by 17 paise from yesterday – and at Rs 79.42 in Kolkata today. In Mumbai, one litre of petrol is retailed at Rs 84.14. In Chennai, one litre of petrol is available at Rs 79.67. The above listed rates are applicable from 6 am on July 13, 2018.
Diesel is selling at Rs 68.43 per litre in Delhi and the prices stand at Rs 72.61 per litre in Mumbai. Diesel price in Kolkata is Rs 70.98. In Chennai, prices stand at Rs 72.24 per litre.
On Thursday, petrol price was retailed in Delhi at Rs 76.59 and at Rs 79.26 in Kolkata. In Mumbai, one litre of petrol was retailed at Rs 83.97, from Rs 83.91 yesterday. A litre of petrol was retailed at Rs 79.49 in Chennai on Thursday.
Oil prices edged lower on Friday and were set for a second weekly fall, as the market shrugged off a warning that spare capacity may be stretched as OPEC and Russia increase production.
Brent crude eased 20 cents, or 0.3 percent, to $74.25 by 0059 GMT. 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 percent, Reuters reported.
US crude dipped 6 cents, or 0.1 percent, to $70.27, after a five cent decline in the previous session. It is heading for a weekly decline of nearly 5 percent.
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-U.S. trade war.
“Rising production from Middle East Gulf countries and Russia, welcome though it is, comes at the expense of the world’s spare capacity cushion, which might be stretched to the limit,” Reuters reported citing the Paris-based IEA.