The prices of petrol remained unchanged on Tuesday after oil marketing companies (OMCs) slashed prices by 10-11 paise across cities on Monday. The petrol can retailed at Rs 76.84 per litre in Delhi today. In Kolkata and Mumbai, petrol prices are Rs 79.51 and Rs 84.22. In Chennai, the prices are Rs 79.76 today. 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.
Brent crude prices rose from a three-month low on Tuesday after more oil workers went on strike in Norway, supporting a market that has been dominated by oversupply issues in recent days, Reuters reported. Brent crude futures had climbed 36 cents, or 0.5 percent, to $72.20 a barrel by 0106 GMT. They fell 4.6 percent on Monday, at one point touching their lowest since mid-April.
U.S. West Texas Intermediate (WTI) futures were up 3 cents at $68.09. They fell 4.2 percent on Monday. An oil worker strike in Norway intensified on Monday when hundreds more walked out in a dispute over pay and pensions after employers failed to respond to union demands for a new offer, Reuters reported.
The strike, which began last Tuesday, has had a limited impact on Norway’s oil production so far, but some drillers warned of possible contract cancellations if the dispute goes on for a month or more.
“The threat of further supply disruptions hasn’t totally evaporated,” Reuters reported ANZ saying in a morning note. ANZ also said that “production from Libya remains susceptible to further declines, despite its ports reopening”.