Petrol price in metro cities today; Rates up by 14p to 16p as BJP set to form govt in Karnataka
Today in various state capitals, petrol price was hiked between 17 paisa to 18 paisa per litre; in Mumbai, rate has been near Rs 83 per litre.
Petrol price in India today: The price of petrol continued to rise even as Karnataka Election results has pushed BJP into the front with the party leading in 113 seats, JDS in over 40 seats, while Congress leads in 60 seats. The OMCs have started hiking petrol prices from Monday onward, for the first time since April 24 after the conclusion of the Karnataka election voting. Today in various state capitals the petrol price was hiked between 14 paisa to 16 paisa per litre.
Indian OMCs disposed of the daily revision in fuel prices that was being carried out from June 2017. The idea of daily revision was to link it with continuous change in global crude oil price, however, that is currently not on the table as the price has soared to over $76 per barrel mark which is highest since 2014 and no intervention from OMCs has been forthcoming.
Meanwhile, international crude oil prices held firm on Tuesday as ongoing production cuts by OPEC and looming U.S. sanctions against Iran tightened the market amid signs of ongoing strong demand.
Check petrol prices in various cities today
Petrol price in New Delhi today: The petrol price here stood at Rs 74.95 per litre higher by 15 paisa from previous day of Rs 74.80 per litre. The petrol price in the national capital is at six-year high. It is already near Rs 75 per litre mark.
Petrol price in Kolkata today: While in Kolkata, petrol price stood at Rs 77.65 per litre up by 15 paisa compared to previous day price of Rs 77.65 per litre. Over Rs 77 per litre mark was last witnessed in May 2012.
Petrol price in Mumbai today: Looking at the current trend, you may soon pay Rs 83-per litre in Mumbai, as the price have neared 5-year high today. The price stood at Rs 82.79 per litre above 14 paisa compared to the previous day price of Rs 82.65 per litre. The near Rs 83 per litre-mark here was last seen in September 2013.
Petrol price in Chennai today: The petrol price here stood at Rs 77.77 paisa up by 16 paisa versus previous day prices of Rs 77.61 per litre. The price of this product 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 76.16 per litre, in Bhopal at Rs 80.52 per litre, Bhubaneswar at Rs 73.79 per litre, Chandigarh at Rs 72.09 per litre, Dehradun at Rs 76.60 per litre, Gandhinagar at Rs 74.27 per litre, Hyderabad at Rs 79.39 per litre, Jaipur at Rs 77.66 per litre, Lucknow at Rs 76.08 per litre, Patna at Rs 80.45 per litre, Raipur at Rs 75.38 per litre and Srinagar at Rs 79.41 per litre.
Moreover, Brent crude futures, the international benchmark for oil prices, were at $78.30 per barrel at 0432 GMT, up 7 cents from their last close and not far off a three-and-a-half year high of $78.53 a barrel reached the previous session. U.S. West Texas Intermediate (WTI) crude futures were at $71.02 a barrel, up 6 cents and also not far off their Nov. 2014 high of $71.89 a barrel reached last week.
According to Reuters report, markets have generally tightened as the Organization of the Petroleum Exporting Countries (OPEC), led by Saudi Arabia, has been withholding supplies since 2017 in order to push up oil prices.