Petrol price hiked to new record; now pay over Rs 77 and Rs 80 in Delhi, Chennai; Mumbai hits Rs 85 mark
Even as Brent crude oil has shot up to near $80 per barrel level, the government has ruled out the possibility to ease excise duty.
New heights have been hit by petrol prices! State-owned Oil Companies are continuing to boldly raise the rates of this product. Well, it's bad news for the end consumers as they are going to have to bear a heavier load in days to come. Today, the OMCs have raised petrol price in the range of 29 paisa to 32 paisa per litre each in various state capitals. Guess what! Now you will pay Rs 85 per litre in Mumbai, over Rs 77 per litre in New Delhi and Rs 80 per litre in Chennai. The city Kolkata is also not far away may soon join the Rs 80 per litre club.
Even as Brent crude oil has shot up to near $80 per barrel level, the government has ruled out the possibility to ease excise duty. Also, many states are reluctant to reduce the Value Added Tax and the rupee has been hovering near 68-mark against US benchmark dollar index.
Today the petrol price of New Delhi has touched a new high of Rs 77.17 per litre higher by 30 basis points compared to previous day price of Rs 76.87 per litre.
Going ahead India’s financial hub Mumbai has witnessed a situation where petrol price has hit Rs 84.99 per litre today, which is also up 29 paise against previous day price of Rs 84.70 per litre. This city has the most expensive petrol price.
Furthermore, Chennai saw the most hike in it’s prices, as the city earmarked first time Rs 80.11 per litre on Wednesday, above 32 paisa compared to previous price of Rs 79.79 per litre.
Now in Kolkata, the price was raised by 30 paisa to Rs 79.83 per litre as against Rs 79.79 per litre of previous day. This city’s price is nearly five-year high as last time it stood at this level in December 2013. Looking at the other cities trend, customers will soon pay Rs 80 per litre in Kolkata as well.
The rise of petrol price in India were despite international crude oil prices eased on Wednesday as the possibility of higher OPEC output weighing on the market, although geopolitical risks are expected to keep prices near multi-year highs.
Therefore, Brent futures fell 37 cents, or nearly 0.5 percent, to $79.20 a barrel by 0636 GMT, after climbing 35 cents on Tuesday. Last week, the global benchmark hit $80.50 a barrel, the highest since November 2014.
U.S. West Texas Intermediate (WTI) crude futures eased 21 cents, or nearly 0.3 percent, to $71.99 a barrel, having climbed on Tuesday to $72.83, also the highest since November 2014.
Following the above factors, from May 14 to till today, petrol prices have rose by Rs 2.51 per litre each in Mumbai and Kolkata, whereas New Delhi had slightly higher hike by Rs 2.54 per litre and Chennai the most by Rs 2.68 per litre.