Petrol price today: Petrol prices were hiked for the third straight day on Saturday, by 19-20 paise in the major metros. In Delhi, one litre of petrol retailed at Rs 76.95 as compared to Rs 76.76 yesterday, implying a hike of 19 paise. In Kolkata and Mumbai too, petrol prices were hiked by 19 paise each to Rs 79.61 and Rs 84.33. In Chennai, the prices were hiked by 20 paise, data sourced from IOC app showed.
The above rates are applicable from 6 am on July 14, 2018. State-run oil marketing companies Indian Oil, Bharat Petroleum and Hindustan Petroleum revise fuel prices, which come into effect from 6 am on a daily basis. Notably, the government allowed revision of fuel rates on a daily basis since mid-June last year to reflect changes in costs instantly.
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, said s Reuters report.
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.