Petrol price remains unchanged today; Check rates of Metro cities here
From May 30, the OMCs are being forced to cut petrol prices despite Brent crude hovering near $76 per barrel.
The state-owned Oil Companies decided to keep petrol price unchanged today despite international crude oil prices pulled down by rising supplies in the United States, and on expectations that voluntary output cuts by producer cartel OPEC could be loosened. This status quo came in after an aggressive 14th consecutive day cut. From May 30, the OMCs have been trimming down petrol prices in various state capitals of India on the back of upcoming assembly elections. Since the 2019 election is less than a year away, the government is determined to reduce prices of the fuel products. State elections are also expected to take place in Chhattisgarh, Madhya Pradesh and Rajasthan in late 2018, calling for major urgency in 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 76.43.
Similarly, Kolkata is charging Rs 79.10 per litre for a litre petrol.
India’s financial hub Mumbai is seeing some relief in petrol price, as 1 litre petrol was priced at Rs 84.26. The city has been selling petrol over Rs 86 per litre.
Chennai today was selling 1 litre petrol at Rs 79.33.
A litre petrol priced at Rs 77.67 in Bangalore, Rs 82.02 in Bhopal, Rs 75.25 in Bhubaneswar, Rs 73.51 in Chandigarh, Rs 77.76 in Dehradun, Rs 80.96 in Hyderabad, Rs 79.17 in Jaipur, Rs 77.25 in Lucknow, Rs 81.91 in Patna, Rs 76.84 in Raipur and Rs 80.85 in Srinagar.
According to a Reuters report, the Organization of the Petroleum Exporting Countries (OPEC), together with some non-OPEC producers including Russia, started withholding output in 2017 to reduce a global supply overhang and push up prices.
Therefore, Brent crude futures , the international benchmark for oil prices, were at $75.49 per barrel at 0005 GMT, down 39 cents, or 0.5 percent, from the last close. US West Texas Intermediate (WTI) crude futures were at $65.92 a barrel, down 44 cents, or 0.7 percent from their last settlement.