The prices of petrol and diesel were hiked on Tuesday for second day in a row by oil marketing companies (OMCs) in the four metro cities.
The prices of petrol and diesel were hiked on Tuesday for second day in a row by oil marketing companies (OMCs) in the four metro cities namely Delhi, Mumbai, Kolkata and Chennai. Petrol prices were hiked by 6 paise today while diesel rates were hiked by 7 paise in the top four metro cities, Indian Oil Corporation (IOC) said. Petrol is retailed in New Delhi for Rs 76.31, in Kolkata for Rs 79.20, in Mumbai for Rs 83.76, and in Chennai for Rs 79.26 today. Diesel can be availed in New Delhi for Rs 67.82, in Kolkata for Rs 70.58, in Mumbai for Rs 72, and in Chennai for Rs 71.62 today.
Petrol prices on Monday were hiked by 9 paise in the capital city New Delhi rates unchanged on Sunday. Petrol prices were raised to Rs 76.25 in Delhi, in Kolkata to Rs. 79.14 from Rs 79.05 implying a 9 paise hike. One litre of petrol was retailed at Rs 83.70 in Mumbai, up by 9 paise on Monday, and in Chennai for Rs. 79.20.
Oil prices slipped on Tuesday after a report showed that OPEC production reached a 2018 high in the month of July, although the losses were limited as concerns about supply lingered. September Brent crude futures fell 7 cents to $74.90 a barrel by 0109 GMT, after rising 68 cents, or 0.9 percent, on Monday, Reuters reported. US West Texas Intermediate crude futures (WTI) were down 6 cents at $70.08, after rising more than 2 percent in the previous session, Reuters report said.
A Reuters survey showed the Organization of the Petroleum Exporting Countries increased production in July. OPEC hiked production by 70,000 barrels per day to 32.64 million bpd, a 2018 high. Further supply increases could offset production outages and pressure prices. WTI rose on Monday on expectations that U.S. inventories fell last week and worries that an outage at a Syncrude facility in Canada will not be solved as soon as expected, traders said.