For the fourth consecutive day, oil marketing companies (OMCs) slashed the prices of petrol and diesel. On Sunday, according to the rate chart of IOC (Indian Oil Corporation), petrol is being sold at Rs. 76.37 per litre in Delhi and Rs. 83.82 per litre in Mumbai. Petrol prices in Kolkata and Chennai are at Rs. 79.20 per litre and Rs. 79.33 per litre respectively. Diesel can be purchased at Rs. 67.98 per litre in Delhi. Diesel prices stand at Rs. 72.17 per litre in Mumbai, Rs. 70.63 per litre in Kolkata and Rs. 71.79 per litre in Chennai, stated IOC, the nation's largest fuel retailer.
The above listed rates are applicable from 6 am. State-run oil marketing companies Indian Oil, Bharat Petroleum and Hindustan Petroleum revise fuel prices with effect from 6 am on a daily basis. Government allowed revision of fuel rates on a daily basis since mid-June last year to reflect changes in costs instantly.
The prices of fuel in Delhi had hit an all-time high of Rs. 78.43 per litre for petrol and Rs. 69.31 per litre for diesel on May 30 this year, which were reduced later. India imports more than 80 per cent of its crude oil requirements through imports.
Oil prices edged up on Friday as a weakening dollar and lower expected August oil exports from Saudi Arabia supported the market, offsetting concerns about US-China trade tensions and supply increases, reported news agency Reuters.
Despite the day's advance, prices remained on course for a third consecutive weekly decline as gains in supply had dragged on prices during the week.
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