The prices of petrol and diesel were raised by the state-run oil marketing companies (OMCs) on Thursday. According to the rate chart, petrol can be purchased for Rs 76.59 per litre in Delhi. The petrol is available in Mumbai, Kolkata and Chennai for Rs 83.97, Rs 79.26, and Rs 79.49, respectively. Diesel prices today stand at Rs. 68.30 per litre in Delhi. Diesel price in Mumbai is Rs. 72.47 per litre. Diesel price in Kolkata is Rs. 70.85 per litre. In Chennai, it is Rs. 72.10 per litre.
Fuel prices are hiked today after OMCs kept the rates unchanged on Wednesday. Petrol prices in Delhi are the lowest among all metro cities on a daily basis due to lower sales tax or VAT (Value Added-Tax). Fuel prices in the country are largely determined by oil marketing companies according to global crude oil rates, rupee-dollar exchange rate, among several other factors.
Meanwhile, Brent crude rose more than $1 on Thursday as focus turned to a big drawdown in US stockpiles, recouping some of the market’s heavy losses from the previous session that had been sparked by news that Libya would resume oil exports, reported Reuters. Brent crude was up 96 cents, or 1.31 per cent, at$74.36 by 01:02 am, after earlier rising to $74.46. On Wednesday, the contract slumped 6.9 per cent in its largest one-day percentage decline since February 9, 2016.
OPEC (Organization of the Petroleum Exporting Countries) in the previous month decided to hike production, the US is putting pressure on India, China, and other purchasers of oil to terminate all imports of Iranian oil by a November 4 deadline.
OPEC President Suhail al-Mazrouei said on Wednesday that volatility in the crude market was undesirable and OPEC prefers a more stable price environment, speaking after crude had its biggest one-day drop in two years. OPEC and other large producers are working on a long-term plan to build spare capacity that would cushion the market from unexpected outages, he said. (With Reuters inputs)