Petrol price cut for first time after 16 days' aggressive hikes; know what you pay today

Each coming day consumers are ending up paying record high petrol prices in various state capitals. Today, the state-owned Oil companies for the first time in sixteen days decided to trim down petrol prices, but that was by just 1 paisa. However there is nothing to be excited about the cut made in these two fuel product because rates still stay at record high levels. You are still paying over Rs 86  per litre in Mumbai, over Rs 78 per litre in New Delhi and Rs 81 per litre in Chennai. Also, the city of Kolkata has joined the Rs 81 per litre club. OMCs take into consideration the daily performance of international crude oil, government's excise duty and state's VAT for deriving final retail prices in India. 

Today the petrol price of New Delhi has touched a new high of Rs 78.42 per litre lower by 1 basis points compared to previous day price of Rs 78.43 per litre.

Going ahead India’s financial hub Mumbai has witnessed a situation where petrol price has hit Rs 86.23 per litre today, which is also down 1 paise against previous day price of Rs 86.23 per litre. This city has the most expensive petrol price. Over Rs 86 per litre has never been seen in this city. 

TRENDING NOW

Assembly Election 2023 Results Update: PM Modi congratulates voters for Assembly wins in MP, Chhattisgarh, Rajasthan

Assembly Election 2023 Results Update: MPs who win assembly polls have to quit one seat in 14 days, says Expert

BJP sweeps Rajasthan, MP, Chhattisgarh; Congress to bag Telangana

COVID-19 Update: India records 76 new coronavirus cases, infection tally stands at 4.50 crore

Mizoram Election Results 2023 Live Updates: MNF, ZPM locked in close fight; counting of votes to begin at 8 am on Monday

Telangana Election Result 2023: Congress wins from Jukkal and Medak, BRS nets Quthbullapur constituency

Madhya Pradesh Results 2023: If not Shivraj Singh, then who can be Chief Minister of Madhya Pradesh?

BJP's saffron storms Congress away in MP, Rajasthan and Chhattisgarh; Congress upstages BRS in Telangana

Rajasthan elections: Cong's Khachariyawas loses Civil Lines seat

Telangana Election Result 2023: Complete list of constituency-wise winners

Telangana Election Result 2023: Revanth Reddy, the man who led Congress' dramatic turnaround in southern state

Karimnagar Assembly Election Result 2023: BRS leader G Kamalakar leads

MCD to rent out its office building complex in East Delhi's Karkardooma

Chhattisgarh Election Results: Here is the full list of winners and losers in the 90-seat state

Godrej Properties net debt up 17% to Rs 6,174 crore in Jul-Sep mainly to fund land acquisitions

Furthermore, Chennai saw petrol at Rs 81.42 per litre on Tuesday, below 1 paisa compared to previous price of Rs  81.43 per litre.

Now in Kolkata, the price was down by 1 paisa to Rs 81.05 per litre as against Rs 81.06 per litre of previous day. Customers now pay Rs 81 per litre in Kolkata as well. This would be third metro city to earmark over Rs 80s club.

Moreover, international crude oil prices inched down on Wednesday amid concerns that Saudi Arabia and Russia will pump more crude in the second half of the year in response to falling global crude inventories and rising consumer prices.

Therefore, Brent crude was down 45 cent, or 0.6 percent, at $74.94 a barrel at 0325 GMT, after settling up 9 cents on Tuesday. U.S. West Texas Intermediate crude was down 24 cents, or 0.34 percent, at $66.49 a barrel. It had settled down $1.15, as per Reuters. 

Following the above factors, from May 14 to till today, petrol prices have rose by Rs 3.75 per litre in Mumbai and Rs 3.73 per litre in Kolkata, whereas New Delhi had slightly higher hike by Rs 3.79 per litre and Chennai the most by Rs 3.99 per litre.