Petrol prices in India remain unchanged for 2-weeks today; Brent crude over $70-mark
Reports have indicated that the upcoming Karnataka poll is the main reason for petrol prices to remain unchanged. The southern state will go to polls on May 12.
Petrol price in India today: The international crude oil prices have touched a $70 per barrel mark on Monday, highest since 2014, but the state-owned oil companies have kept petrol price unchanged for two weeks in various state capitals of India. Although petrol prices have been at new heights in various state capitals of India, upcoming assembly elections in Karnataka is reportedly the reason for the status quo. The state will go to polls on May 12.
The oil companies, including Hindustan Petroleum Corp Limited (HPCL), Indian Oil Corp (IOCL) and Bharat Petroleum Corp Limited (BPCL), decide the final retail petrol price by taking into consideration the international crude basket, plus states’ Value Added Tax (VAT) and the government's excise duty.
Meanwhile, global crude oil prices rose above $70 a barrel for the first time since November 2014, while Brent crude prices climbed to fresh highs, as a deepening economic crisis in Venezuela threatened the country`s already tumbling oil supplies.
The government had asked OMCs to absorb Rs 1 per litre hike in their basket, but the companies have limited room for reduction in prices of fuel products.
It needs to be noted that the government has ruled out the excise duty cut option on fuel, and the states too are reluctant in trimming down the Value Added Tax (VAT) levied on these products.
In the light of above factors, Indian OMCs have given away the daily revision in fuel prices which began from June 2017. India gave up on petrol, diesel subsidy and linked prices to the international markets in hope that consumers will benefit as crude oil prices are trading at a third of their lifetime highs.
Petrol price in New Delhi today: The petrol price here stood at Rs 74.63 per litre unchanged from previous day. The petrol price in the national capital is at six-year high.
Petrol price in Kolkata today: While in Kolkata, petrol price stood at Rs 77.32 per litre. Over Rs 77 per litre mark was last witnessed in May 2012.
Petrol price in Mumbai today: Petrol has remained four-year high in this city since start of 2018, and Monday was the same, as the price stood at Rs 82.48 per litre same as on the previous day. The near Rs 82 per litre-mark here was last seen in March 2014.
Petrol price in Chennai today: The petrol price here stood at Rs 77.43 paisa similar versus previous day prices. The price of this product touched Rs 77 per litre mark which was last seen in May 2012.
Petrol price in other state capitals today: Petrol prices in Bangalore stood at Rs 75.82 per litre, in Bhopal at Rs 80.18 per litre, Bhubaneswar at Rs 73.46 per litre, Chandigarh at Rs 71.77 per litre, Dehradun at Rs 76.33 per litre, Gandhinagar at Rs 73.94 per litre, Hyderabad at Rs 79.04 per litre, Jaipur at Rs 77.32 per litre, Lucknow at Rs 75.83 per litre, Patna at Rs 80.13 per litre, Raipur at Rs 75.06 per litre and Srinagar at Rs 79.00 per litre.
Moreover, Brent crude oil futures were at $75.71 per barrel, up 84 cents, or 1.12 percent from their last close at 0416 GMT after climbing to $75.89 a barrel earlier in the session, its highest since November 2014. US West Texas Intermediate (WTI) crude futures rose 0.95 percent to trade at $70.39 per barrel, up 66 cents from their last settlement.
According to Reuters report, analysts warned that the deepening economic crisis in major oil exporter Venezuela threatened to further crimp its production and exports.