The prices of petrol and diesel were increased by the state-run oil marketing companies (OMCs) for fourth straight day on Sunday.
In Delhi, Petrol prices was the lowest among all metro cities on a daily basis due to lower sales tax or VAT.
According to the revised rate chart, petrol can be bought today for Rs. 76.85 per litre in Delhi. The petrol is available in Mumbai, Kolkata and Chennai for Rs. 84.29, Rs. 79.77, and Rs. 79.83, respectively.
Diesel prices today stand at Rs. 68.32 per litre in Delhi, as stated by IOC (Indian Oil Corporation), the nation’s largest fuel retailer. Diesel price in Mumbai is Rs. 72.53 per litre. Diesel price in Kolkata is Rs. 71.10 per litre. In Chennai, it is Rs 72.16 per litre. The new rates are applicable from 6 am on August 5, 2018.
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. State-run oil marketing companies Indian Oil, Bharat Petroleum and Hindustan Petroleum revise fuel prices with effect from 6 am on a daily basis.
Oil India Ltd said on Saturday that the current prices of crude oil are ‘comfortable’ for both the country and the state-owned company, as reported by news agency Press Trust of India (PTI).
“Both India and our company are comfortable at $60 to 65, as the cost of production margin is reasonably good then. If the price is $65 to 70, we can recover our cost of production of $63,” said Utpal Bora, Chief Managing Director, Oil India Ltd.