Petrol diesel price today: The petrol prices were hiked by 6 paise in the major metros on Thursday. According to the latest price chart from IOC app, petrol price retailed in Delhi at Rs 76.59 a hike of 6 paise and at Rs 79.26 in Kolkata, implying a raise of 6 paise. In Mumbai, one litre of petrol retailed at Rs 83.97, from Rs 83.91 yesterday, implying a hike of 6 paise per litre. In Chennai, one litre of petrol will retail at Rs 79.49, up from Rs 79.43 yesterday. Yesterday, petrol prices had remained unchanged after six continuous days of hike.
The government-run oil marketing companies such as Indian Oil, Bharat Petroleum and Hindustan Petroleum revise fuel prices with effect from 6 am every day. The three state-owned fuel retailers, IOC, Bharat Petroleum Corp. Ltd and Hindustan Petroleum Corp Ltd had not revised petrol and diesel prices since 26 June before the first hike on last Thursday.
While the OPEC in the previous month decided to hike production, the US is putting pressure on India, China, and other purchasers of oil to terminate all imports of Iranian oil by a November 4 deadline. It is being done in a bid to choke the Persian Gulf state’s economic lifeline with sanctions over its nuclear programme. Iran produces around 2.3 to 2.5 million barrels per day and the world searching for alternates to replace those volumes has put pressure on the prices.
Meanwhile, Brent crude rose more than $1 on Thursday as focus turned to a big drawdown in U.S. stockpiles, recouping some of the market’s heavy losses from the previous session that had been sparked by news that Libya would resume oil exports, Reuters reported. Notably, brent crude was up 96 cents, or 1.31 percent, at $74.36 by 0102 GMT, after earlier rising to $74.46. On Wednesday, the contract slumped 6.9 percent in its largest one-day percentage decline since Feb. 9, 2016. U.S. crude rose 21 cents, or 0.3 percent, to $70.59, after falling 5 percent the previous session.
“Both oil contracts have recently stalled around key long-term and psychologically-important levels at $80 and $75 respectively, as market participants weigh the risks of a potential correction in prices,” Fawad Razaqzada, an analyst at FOREX.com, said in a note.