No surprise! Another status quo in diesel price today, stays at record highs; check rates here
Diesel price today was kept unchanged and this situation has lasted now for more than two weeks in view of the upcoming Karnataka polls, scheduled on May 12.
Diesel price in India today: Any decrease in Indian diesel price has further become difficult for state-owned OMCs, as international crude oil rose more than 2% on Wednesday, with Brent hitting a 3-1/2-year high, after U.S. President Donald Trump abandoned a nuclear deal with Iran, likely curbing the OPEC member`s crude exports in an already tight market. Fuel prices in India were highest in 2014, when international crude oil clocked a peak level of $100 per dollar. Crude oil is buoyant since then, but in 2018, it has once again started trending in the level of four-year highs and touched $76 per barrel.
Rising crude oil, coupled with Indian government ruling out excise duty cuts and various states’ being reluctant in reducing the VAT on fuel prices, has left limited room for OMC to make any relaxation in the price of the product, especially diesel, which is currently at a record high. The prices today were kept unchanged for more than two weeks in view of the upcoming Karnataka polls, scheduled on May 12.
There has been massive increase in diesel prices, which is why, metro cities and other state capitals have touched record highs, especially Mumbai, where it stood over Rs 70 per litre mark, and Kolkata and New Delhi may also see prices at Rs 69 per litre and Rs 66 per litre mark respectively.
Diesel price in New Delhi: Diesel price in the national capital has neared to Rs 66 per litre-mark, as the product was available at Rs 65.93.
Diesel price in Kolkata: Diesel price here was valued at Rs 68.63 per litre. Considering the limited room for reduction in diesel prices, Kolkata may soon become the third metro city to touch Rs 69-level.
Diesel price in Mumbai: Shockingly, the diesel price in Mumbai has reached to Rs 70.20 per litre-mark, the highest among metro cities.
Diesel price in Chennai: This city is also witnessing Rs 69-per litre mark after Mumbai. The price of the product stood at Rs 69.56 per litre.
Diesel prices in other state capitals: The product in Bangalore was available at Rs 67.05 per litre, Bhopal at Rs 69.38 per litre, Bhubaneswar at Rs 70.75 per litre, Chandigarh at Rs 64.01 per litre, Dehradun at Rs 66.22 per litre, Gandhinagar at Rs 70.81 per litre, Hyderabad at Rs 71.63 per litre, Jaipur at Rs 70.25 per litre, Lucknow at Rs 66.05 per litre, Patna at Rs 70.57 per litre, Raipur at Rs 71.20 per litre and Srinagar at Rs 69.24 per litre.
Moreover, Brent crude oil futures rose to a session high of $76.75 per barrel, their highest since November 2014. They were still at $76.73 per barrel at 0344 GMT, up $1.88, or 2.5 percent, from their last close. U.S. West Texas Intermediate (WTI) crude futures were up $1.61 per barrel, or 2.3 percent, at $70.67 a barrel, close to highs also last seen in late 2014.