Petrol prices today: On Monday, the oil marketing companies (OMCs) slashed the petrol rates by 11 paise in Delhi after keeping them unchanged on Sunday. The petrol can be retailed at Rs 76.84 per litre in Delhi today. In Kolkata and Mumbai too, petrol prices are Rs 79.51 and Rs 84.22. In Chennai, the prices are Rs 79.76, data sourced from IOC app showed. On Sunday, the petrol was retailed at Rs 76.95 per litre in Delhi. In Kolkata and Mumbai too, petrol prices were Rs 79.61 and Rs 84.33. In Chennai, the prices were Rs 79.87, data sourced from IOC app showed. On Saturday, petrol prices were hiked by 19-20 paise in the major metros.
The above rates are applicable from 6 am on July 15, 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 fell on Monday as concerns about supply disruptions eased and Libyan ports resumed export activities, while traders eyed potential supply increases by Russia and other oil producers.
Brent crude futures were down 26 cents, or 0.4 percent, at $75.07 a barrel at 0057 GMT. U.S. West Texas Intermediate (WTI) crude was down 27 cents, or 0.4 percent, at $70.74 a barrel.
Supply outages in Libya and strike action in Norway and Iraq pushed oil prices higher late last week, although prices still ended down for a second straight week.
“Crude oil prices fell as fears of supply disruptions eased. News that Libya’s state oil producer had restarted output from a major oil field ignited the selloff earlier in the week,” ANZ Bank said in a note.
The market focus shifted towards possible supply increases, even as a Norwegian union for workers on offshore oil and gas drilling rigs stepped up a six-day strike.
Russia and other major oil producers may increase output further should supply shortages hit the global oil market, Russian Energy Minister Alexander Novak said on Friday.
Stephen Innes, head of trading for Asia/Pacific at futures brokerage OANDA, said U.S.-China trade tensions “should subside this week and could be a possible plus for oil prices,” but a possible sale of U.S. oil reserves would weigh on prices.