Petrol price cut for 3rd day in row; Mumbai sees major relief
From May 30, the OMCs are cutting petrol prices despite Brent crude hovering near $73 per barrel.
The state-owned Oil Companies decided to cut petrol price for the third consecutive day in various state capitals of India. Today, petrol price was brought down in the range of 9 paisa to 13 paisa per litre with Mumbai city seeing major relief. This was despite international crude oil prices surging this week as investors were closely watching the Organization of the Petroleum Exporting Countries (OPEC) meeting. State elections are 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 Delhi, 1 litre petrol is priced at Rs 75.93 down by 9 paisa compared to previous day price of Rs 76.02 per litre.
Similarly, Kolkata is charging Rs 78.61 per litre for a litre petrol which was also below 9 paisa as against previous day price of Rs 78.70 per litre.
Same cut of 9 paisa was made in Chennai city as they are charging Rs 78.80 for 1 litre of petrol as against previous day price of Rs 78.89 per litre.
India’s financial hub Mumbai saw major relief in petrol price compared to above mentioned metro cities, as 1 litre petrol was priced at Rs 83.61 today lower by 13 paisa compared to Rs 83.74 per litre of previous day. The city was selling petrol over Rs 86 per litre last month.
A litre petrol priced at Rs 77.16 in Bangalore, Rs 81.53 in Bhopal, Rs 74.76 in Bhubaneswar, Rs 73.03 in Chandigarh, Rs 77.37 in Dehradun, Rs 80.43 in Hyderabad, Rs 78.66 in Jaipur, Rs 76.85 in Lucknow, Rs 81.42 in Patna, Rs 76.34 in Raipur and Rs 80.36 in Srinagar.
Moreover, the US West Texas Intermediate for August delivery on Friday rose $3.04 to settle at $68.58 dollars a barrel on the New York Mercantile Exchange, while Brent crude for August delivery was up $2.50 to close at $75.55 a barrel on the London ICE Futures Exchange, Xinhua.