Petrol price today: The oil marketing companies (OMCs) kept the oil prices unchanged today after cutting them by 7 paise on Tuesday. In Delhi, the petrol is retailed at Rs 76.23 per litre today. In Mumbai, petrol prices are Rs 83.68 per litre. Petrol prices in Kolkata and Chennai are at Rs. 79.10 per litre and Rs. 79.18 per litre respectively. On Tuesday, petrol prices were cut for the sixth straight day with rates being cut by 7 paise in the major metros.
Notably, one litre of petrol was retailed at Rs 76.23 in Delhi. In Mumbai, petrol prices were Rs 83.68. Petrol prices in Kolkata and Chennai were at Rs. 79.10 per litre and Rs. 79.18 per litre respectively. Fuel prices, which surged to record highs on May 29, have been cut mostly in last 50 days as international crude oil prices slumped due to various geopolitical factors.
Meanwhile, oil prices rose for a second day on Wednesday after industry group data showed US crude inventories fell more than expected last week, easing worries about oversupply that had dragged on markets in recent sessions, Reuters reported. Brent crude was up 29 cents, or 0.4 percent, at $73.73 a barrel by 0035 GMT. The global benchmark settled 38 cents higher at $73.44 a barrel on Tuesday, after climbing as high as $74, Reuters reported.
US West Texas Intermediate rose 22 cents, or 0.3 percent, to $68.74, having settled the previous session up 63 cents, or nearly 1 percent. Reports that China will increase infrastructure spending also helped reduce concerns that U.S.-China trade tensions will dent the country’s demand for oil.
US crude and fuel stockpiles dropped more than expected last week, industry group the American Petroleum Institute said on Tuesday. Crude inventories fell by 3.2 million barrels in the week to July 20 to 407.6 million barrels, compared with analyst expectations for a decrease of 2.3 million barrels.