Petrol price today: The oil marketing companies (OMCs) kept the oil prices unchanged for the second consecutive day on Thursday, after cutting a 7 paise cut on Tuesday.
Petrol price today: The oil marketing companies (OMCs) kept the oil prices unchanged for the second consecutive day on Thursday, after cutting them by 7 paise on Tuesday. In Delhi, one litre of petrol retailed at Rs 76.23 per litre today. In Mumbai, petrol prices stands at 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.
Fuel prices, which surged to record highs on May 29, have been cut mostly in last 50-55 days as international crude oil prices slumped due to various geopolitical factors. Brent crude led oil prices higher, extending gains into a third day after Saudi Arabia suspended crude shipments through a strategic Red Sea shipping lane and as data showed U.S. inventories fell to a 3-1/2 year low. Brent crude futures had risen 47 cents, or 0.6 percent, to $74.40 a barrel by 0247 GMT, after gaining 0.7 percent on Wednesday, Reuters reported.
U.S. West Texas Intermediate crude futures were up 5 cents at $69.35 a barrel, after climbing more than 1 percent in the previous session. “The announcement this morning that the Saudis have closed some shipping lanes in the Gulf because of rebel Houthi attacks also gives the bulls something to launch off,” Greg McKenna, chief market strategist at AxiTrader told Reuters, also pointing to the drop in U.S. inventories.
Saudi Arabia, the world’s biggest oil exporter, said on Thursday that it was “temporarily halting” all oil shipments through the strategic Red Sea shipping lane of Bab al-Mandeb after an attack on two big oil tankers by Yemen’s Iran-aligned Houthi movement, said the Reuters report.