Petrol prices in Delhi, Kolkata, Chennai stay at peaks for 5th day ; Mumbai rate near Rs 83 per litre-mark
Petrol price in India today: It needs to be noted that government has ruled out the excise duty cut option on fuel, whereas states have been reluctant in trimming down the Value Added Tax (VAT) levied on these product.
Petrol price in India today: The state-owned oil companies decided to keep rates of petrol price unchanged for fifth consecutive day on Saturday in various state capitals in India. Since the time government has asked OMCs to absorb Rs 1 per litre hike in their basket, the companies have limited room for reduction in prices of fuel products. It needs to be noted that government has ruled out the excise duty cut option on fuel, whereas states have been reluctant in trimming down the Value Added Tax (VAT) levied on these product. Meanwhile on Friday, the international crude oil prices edged lower as the dollar rose, but Brent was still headed for a third week of gains amid supply concerns should the United States reimpose sanctions on Iran.
The oil companies like Hindustan Petroleum Corp Limited (HPCL), Indian Oil Corp (IOCL) and Bharat Petroleum Corp Limited (BPCL) decide the final retail petrol price by taking into consideration the international crude basket, plus states’ Value Added Tax (VAT) and the government's excise duty.
Petrol price in New Delhi today: The petrol price here stood at Rs 74.63 per litre unchanged from previous day. The petrol price in New Delhi is at six-year high.
Petrol price in Kolkata today: While in Kolkata, petrol price stood at Rs 77.32 per litre. Over Rs 77 per litre mark was last witnessed in May 2012.
Petrol price in Mumbai today: Petrol has remained four-year high in this city since start of 2018, and Wednesday was the same, as the price stood at Rs 82.48 per litre same as on previous day. The near Rs 82 per litre-mark here was last seen in March 2014.
Petrol price in Chennai today: The petrol price here was priced at Rs 77.43 paisa similar versus previous day prices. The price in Chennai has touched Rs 77 per litre mark which was last seen in May 2012.
Petrol price in other state capitals today: Petrol prices in Bangalore stood at Rs 75.82 per litre, in Bhopal at Rs 80.18 per litre, Bhubaneswar at Rs 73.46 per litre, Chandigarh at Rs 71.77 per litre, Dehradun at Rs 76.33 per litre, Gandhinagar at Rs 73.94 per litre, Hyderabad at Rs 79.04 per litre, Jaipur at Rs 77.32 per litre, Lucknow at Rs 75.83 per litre, Patna at Rs 80.13 per litre, Raipur at Rs 75.06 per litre and Srinagar at Rs 79.00 per litre.
Moreover, global benchmark Brent crude futures were down 23 cents at $74.51 a barrel at 1351 GMT. This month, Brent hit highs above $75, a level last seen in late 2014. U.S. West Texas Intermediate (WTI) crude fell 39 cents to $67.80 a barrel. This month, WTI has gained around 4.5 percent.
According to Reuters report, U.S. President Donald Trump will decide by May 12 whether to reimpose sanctions on Iran that were lifted as part of an agreement with six other world powers over Tehran`s nuclear programme.
It added, "Brent has risen by around 6 percent this month on expectations of renewed sanctions, which would likely dampen Iranian oil exports. The gains came despite a higher dollar, which is at its strongest since Jan. 11 against a basket of currencies."
Rise in the U.S. currency make dollar-priced oil more expensive for holders of other currencies.