Petrol price cut for 5th day in row; Mumbai sees most relief as rates drop; check other cities too
From May 30, the OMCs are cutting petrol prices despite Brent crude hovering near $73 per barrel.
The trend of relaxing petrol prices continued further today, as state-owned Oil Companies trimmed the rates of this product for fifth consecutive day in various state capitals of India. Today, the prices of petrol were down in the range of 10 paisa to 14 paisa with Mumbai seeing highest cut compared to other metro cities. This was in line with international crude oil prices which dropped as as traders factored in an expected output increase that was agreed at the headquarters of the Organization of the Petroleum Exporting Countries (OPEC) in Vienna on Friday.
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 75.69 down by 10 paisa compared to previous day price of Rs 75.79 per litre.
Similarly, Kolkata is charging Rs 78.37 per litre for a litre petrol which was also below 10 paisa as against previous day price of Rs 78.47 per litre.
Same cut of 10 paisa was made in Chennai city as they are charging Rs 78.55 for 1 litre of petrol as against previous day price of Rs 78.65 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 83.30 today lower by 14 paisa compared to Rs 83.44 per litre of previous day. The city was selling petrol over Rs 86 per litre last month.
A litre petrol priced at Rs 76.91 in Bangalore, Rs 81.28 in Bhopal, Rs 74.52 in Bhubaneswar, Rs 72.80 in Chandigarh, Rs 77.18 in Dehradun, Rs 80.17 in Hyderabad, Rs 78.42 in Jaipur, Rs 76.67 in Lucknow, Rs 81.18 in Patna, Rs 76.11 in Raipur and Rs 80.13 in Srinagar.
According to Reuters report, despite this, analysts said global oil markets would likely remain relatively tight this year.
Moreover, Brent crude futures were at $74.22 per barrel at 0455 GMT, down 1.8 percent from their last close. U.S. West Texas Intermediate (WTI) crude futures were at $68.42 a barrel, down 0.2 percent, supported more than Brent by a slight drop in U.S. drilling activity and a Canadian supply outage.