The oil marketing companies kept petrol prices unchanged for the second straight day today.
Petrol prices today: The oil marketing companies kept petrol prices unchanged for the second straight day today. The petrol can be availed at Rs 76.84 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. The revised 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.
The oil prices dropped on Wednesday after an industry group reported that U.S. crude inventories rose last week, defying analyst expectations for a significant reduction, Reuters reported.
Brent futures were down 31 cents, or 0.4 percent, at $71.85 a barrel by 0240 GMT. They rose 32 cents to $72.16 a barrel on Tuesday, after earlier touching a three-month low. U.S. West Texas Intermediate crude was down 36 cents, or 0.5 percent, at $67.72. It settled up 2 cents at $68.08 a barrel the session before, coming off a nearly one-month low, Reuters reported.
The benchmarks had steadied after big declines on Monday and last week as supply disruptions in Venezuela came to the fore and as analysts had been forecasting a decline of 3.6 million barrels in U.S. inventories for the week through July 13.
But the spectre of oversupply quickly returned, with a rise of more than 600,000 barrels in U.S. crude stockpiles, reported by the American Petroleum Institute late on Tuesday.