Petrol price cut for 6th day in row; You may soon pay under Rs 83 in Mumbai
From May 30, the OMCs are cutting petrol prices despite Brent crude hovering near $75 per barrel.
The trend of relaxing petrol prices continued further today, as state-owned Oil Companies trimmed the rates of this product for sixth consecutive day in various state capitals of India. Today, the prices of petrol were down in the range of 14 paisa to 18 paisa with Mumbai seeing highest cut compared to other metro cities. Moreover, international crude oil markets were tense on Tuesday, rising on a Canadian production outage and uncertainty over Libyan crude exports, but weighed down by climbing OPEC supplies and the intensifying trade conflict between the United States and other major economies.
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 75.55 down by 14 paisa compared to previous day price of Rs 75.69 per litre.
Similarly, Kolkata is charging Rs 78.23 per litre for a litre petrol which was also below 14 paisa as against previous day price of Rs 78.37 per litre.
Mumbai and Chennai saw most cut today compared to other cities.
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 83.12 today lower by 18 paisa compared to Rs 83.30 per litre of previous day. Looking at the trend, you may soon start paying below Rs 83 in Mumbai. The city was selling petrol over Rs 86 per litre last month.
In Chennai city, 1 litre petrol was priced at Rs 78.40 down by 15 paisa compared to previous price of Rs 78.55 per litre.
A litre petrol priced at Rs 76.77 in Bangalore, Rs 81.14 in Bhopal, Rs 74.38 in Bhubaneswar, Rs 72.66 in Chandigarh, Rs 77.07 in Dehradun, Rs 80.03 in Hyderabad, Rs 78.27 in Jaipur, Rs 76.67 in Lucknow, Rs 81.04 in Patna, Rs 75.97 in Raipur and Rs 79.99 in Srinagar.
According to Reuters report, Eastern Libyan commander Khalifa Haftar`s forces gave control of oil ports to a separate National Oil Corporation (NOC) based in the country`s east.
Moreover, Brent crude futures were at $74.80 per barrel at 0617 GMT, up 7 cents, or 0.1 percent, from their last close.
Brent was driven up by uncertainty around oil exports by Libya, a member of the Organization of the Petroleum Exporting Countries (OPEC).