No relief in petrol, diesel prices today; check rates in metro cities
From May 30, the OMCs are being forced to cut petrol prices despite Brent crude hovering near $73 per barrel.
The state-owned Oil Companies decided to keep petrol and diesel prices unchanged today. OMCs have kept rates of diesel unchanged for fourth consecutive day in various state capitals of India. Meanwhile, status quo in petrol product comes after cut in the range of 8 paisa to 12 paisa during previous day. This was despite international crude oil prices recovered from earlier losses in Asia on Wednesday, supported by a drop in US commercial crude inventories and the loss of storage capacity in oil producer Libya. US crude inventories fell by 3 million barrels to 430.6 million barrels in the week to June 15, according to American Petroleum Institute (API) in a weekly report on Tuesday. The upcoming assembly elections in several states in late 2018 also called for relaxing petrol prices to save the NDA government from facing the repeat of the Karnataka scenario.
Today in New Delhi, 1 litre petrol is priced at Rs 76.27 down by 8 paisa compared to previous day price of Rs 76.35. However, diesel in this city remain unchanged at Rs 67.78 per litre.
Kolkata is charging Rs 78.94 for a litre petrol which is also below 8 paisa as against previous day price of Rs 79.02. Diesel here was valued at Rs 70.33 per litre.
India’s financial hub Mumbai has seen some relief in petrol price, as 1 litre petrol was priced at Rs 84.06 today down by 12 paisa versus previous day price of Rs 84.18 per litre. The city has been selling petrol over Rs 86 per litre. However, diesel price did not see any relaxation as price stayed at Rs 72.13 per litre.
In Chennai, 1 litre petrol here was priced at Rs 79.16 lower by 8 paisa compared to previous day price of Rs 79.24 per litre. On the other hand, diesel stayed at Rs 71.54 per litre.
According to a Reuters report, traders said a drop in Libyan supplies due to the collapse of an estimated 400,000-barrel storage tank also helped push up prices. Looming larger over markets, however, is a June 22 meeting in Vienna of the Organization of the Petroleum Exporting Countries (OPEC) with some other producers, including Russia, to discuss supply.
Therefore, Brent crude futures rose 18 cents, or 0.2 percent, to $75.26 per barrel at 0351 GMT, compared with their last close on Tuesday. U.S. West Texas Intermediate (WTI) crude futures gained 20 cents, or 0.3 percent, to $65.27.