Oil Marketing Companies (OMCs), increased the prices of petrol and diesel on Monday across four metros of the country. Fuel prices were also raised on Sunday.
According to price notification issued by state-owned oil firms, petrol is selling at a price of Rs. 77.91 per litre in Delhi, Rs. 85.33 per litre in Mumbai, Rs.80.84 per litre in Kolkata and Rs. 80.94 per litre in Chennai today.
The Centre currently levies a total of Rs. 19.48 per litre of excise duty on petrol and Rs. 15.33 per litre on diesel.
Diesel is retailing at a price of Rs. 69.46 per litre in Delhi today. Diesel is being sold at Rs. 73.74 per litre in Mumbai, Rs. 72.31 per litre in Kolkata and Rs. 73.38 per litre in Chennai.
State-owned oil firms had in mid-June last year dumped 15-year practice of revising rates on 1st and 16th of every month in favour of daily price revisions.
The sate-run oil marketing companies Indian Oil, Bharat Petroleum and Hindustan Petroleum have been revising fuel prices with effect from 6 am on a daily basis, since then.
On global sector, oil prices dipped slightly on Monday on concerns that a US-China trade dispute will erode global economic growth, although looming US sanctions against Iran’s oil sector kept crude from falling further, traders said.
US energy companies cut nine oil drilling rigs last week, dropping to 860, the biggest reduction since May 2016, reported.
OPEC (Organization of the Petroleum Exporting Countries)-member Iran has exported around 2.5 million barrels per day of crude oil so far this year. Most analysts expect this figure to fall by at least 1 million bpd once sanctions kick in.>