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Petrol and Diesel Prices Raised Again
Fuel prices across Indian cities were raised for the third straight day on Saturday. As per the state-owned oil retailer IOCL's app, petrol prices in the metro cities per litre in rupees has been:
| City | July 7, 2018 | July 6, 2018 | July 5, 2018 |
|---|---|---|---|
| Delhi | 75.98 | 75.71 | 75.71 |
| Mumbai | 83.37 | 83.24 | 83.10 |
| Kolkata | 78.66 | 78.53 | 78.39 |
| Chennai | 78.85 | 78.72 | 78.57 |
| City | July 7, 2018 | July 6, 2018 | July 5, 2018 |
|---|---|---|---|
| Delhi | 67.76 | 67.66 | 67.50 |
| Mumbai | 71.90 | 71.79 | 71.62 |
| Kolkata | 70.31 | 70.05 | 70.05 |
| Chennai | 71.52 | 71.42 | 71.24 |
Fuel prices have seen an upward trend since Thursday after over a month. The rise is a result of the hike in international crude oil rates from an unexpected drop in global supply.
As decided in the OPEC meeting, Saudi Arabia said that it had increased its oil production by almost 500,000 barrels per day last month, as per a CNBC report, bringing international benchmark crude Brent down by 23 cents to $77.16 a barrel on Friday night (IST). The fall in the futures market was also a result of the on-going US-China trade tensions.
Oil prices were mixed on Friday at closing time as US WTI crude futures were up by 86 cents (1.2 percent) to $73.80 a barrel from an unexpected build in inventories.
The increase in supply from Saudi Arabia has however not compensated for the involuntary fall in production in Venezuela, Libya, and Angola.
Moreover, the imposition of US sanctions on oil exports of Iran has tighten supply further. It is also expected that if China's retaliated tariffs at the rate of 25 percent were to be imposed on US oil, it would shift to other suppliers for its high domestic demand for crude, increasing oil demand from other oil-rich countries and driving international price further up.
