Petrol price cut; Chennai sees major relief, Delhi rates under Rs 77, Mumbai may come below Rs 84
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 continued to trim down petrol prices for 13th consecutive day on Monday, in line with international crude prices which eased down today as speculators reduced their positions amid a weakening trend in Asian markets. Today, petrol prices saw cuts ranging from 19 paisa to 21 paisa each per litre in various state capital of India. Chennai saw most cut compared to other cities like New Delhi, Kolkata and Mumbai. Since the 2019 election is less than a year away, government is sitting with bated breath for reducing the fuel products prices. State elections are suppose to take place in Chhattisgarh, Madhya Pradesh and Rajasthan in late 2018. This calls for major urgency in relaxing petrol prices if the NDA government do not want to repeat the Karnataka election scenario. From May 30, the OMCs are being forced to reduce down petrol prices despite Brent crude hovering near $76 per barrel. For now this movement comes as a good news for citizens who were paying record high petrol prices in the metro cities last month.
Today, in New Delhi 1 litre petrol is priced at Rs 76.58 below 20 paisa compared to previous day price of Rs 76.78.
Similarly, Kolkata is charging you Rs 79.25 per litre for 1 litre petrol which is lower by 19 paisa compared to previous day price of Rs 79.44.
India’s financial hub Mumbai is seeing some relief in petrol price, as today, 1 litre petrol was priced at Rs 84.41 compared to previous day price of Rs 84.61 - which means a cut of 20 paisa. This city has been selling very expensive petrol more than Rs 86 per litre.
Coming to Chennai, this city today saw a much higher cut compared to above mentioned metro cities as 1 litre petrol here was priced at Rs 79.48 down by 21 paisa as against Rs 79.69 of previous day.
1 litre petrol in other cities stood at Rs 77.82 in Bangalore, Rs 82.18 in Bhopal, Rs 75.40 in Bhubaneswar, Rs 73.65 in Chandigarh, Rs 77.88 in Dehradun, Rs 81.12 in Hyderabad, Rs 79.33 in Jaipur, Rs 77.36 in Lucknow, Rs 82.06 in Patna, Rs 76.98 in Raipur and Rs 81.00 in Srinagar.
According to PTI report, Oil for July delivery also moved down Rs 20, or 0.45 per cent, to Rs 4,436 per barrel in 5 lots.
Moreover, on Monday, West Texas Intermediate (WTI) crude was trading down 12 cents, or 0.02 per cent, to USD 65.62, while Brent crude eased 9 cents, or 0.1 per cent, to USD 76.37 a barrel on the New York Mercantile Exchange.