Oil Marketing Companies (OMCs) in the country raised the prices of petrol and diesel across the nation for the third straight day on Saturday. According to the fresh available rate chart of IOC (Indian Oil Corporation), petrol is now being sold at the rate of Rs.76.70 per litre in Delhi and Rs. 84.14 per litre in Mumbai. Petrol prices in Kolkata and Chennai are at the rate of Rs. 79.62 per litre and Rs. 79.68 per litre respectively. Diesel can be purchased today at the rate of Rs. 68.20 per litre in Delhi. Diesel prices as of now are at the rate of  Rs. 72.40 per litre in Mumbai, Rs. 70.98 per litre in Kolkata and Rs. 72.03 per litre in Chennai, as stated by the agency IOC, the nation’s largest fuel retailer.

All the above listed rates are applicable only from 6 am on August 4, 2018. State-run big oil marketing companies like Indian Oil, Bharat Petroleum and Hindustan Petroleum revise fuel prices across the country with effect from 6 am on a daily basis. Government allowed revision of fuel rates on a daily basis since effect from mid-June last year to reflect changes in costs instantly.

On Friday itself, petrol was sold at the rate of Rs. 76.50 per litre in the capital, Delhi, at the rate of Rs. 79.42 per litre in Kolkata, Rs. 83.94 per litre in Mumbai, and Rs. 79.48 per litre in Chennai. Diesel was sold at the rate of Rs. 68.02 per litre in the capital Delhi, at the rate of Rs. 70.80 per litre in Kolkata, Rs. 72.21 per litre in Mumbai, and Rs. 71.86 per litre in Chennai.

On global front, oil prices went down on Friday due to the rising supplies from countries including Russia and Saudi Arabia. Russia and key OPEC (Organization of the Petroleum Exporting Countries) members such as Saudi Arabia and Kuwait have all increased production of oil recently, trying to help compensate for a potential decline in available Iranian crude supplies once planned US sanctions is to take effect later this year, news agencies reported.

China’s recently proposed tariffs on US liquefied natural gas and crude oil exports opens a new front in the already tight trade war between the two nations, and this comes at a time when the White House is trying to grow US energy export prowess.

China included LNG imports for the first time in its list of proposed tariffs on Friday itself, the same day that its biggest US crude oil buyer, Sinopec, suspended U.S. crude oil imports due to the dispute, according to a  report.

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