Petrol price in metro cities today up 14p to 16p; Pay Rs 75 per litre in New Delhi now; Mumbai price near Rs 83 per litre
The OMCs have started hiking petrol prices from Monday onward for the first time since April 24 after the conclusion of the Karnataka election.
Petrol price in India today: As the BJP win in Karnataka Election comes under hung assembly cloud, the effect for consumers in terms of fuel prices like petrol and diesel is set to be negative as any relaxation in rates over the near-term is not expected. The price of petrol continued to rise for third consecutive day after 20-day freeze in their valuation. Today, the price was in the range of 14 paisa to 16 paisa per litre in various state capitals in India, especially in New Delhi where prices are over Rs 75 per litre and Mumbai where it is just marginal points away from clocking 5-year high of Rs 83 per litre. 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.
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 $79 per barrel mark which is highest since 2014 and no intervention from OMCs has been forthcoming.
Meanwhile, international crude oil prices settled a shade firmer after retreating from multi-year highs hit early in the day on Tuesday, supported by concerns that U.S. sanctions on Iran are likely to restrict crude exports from one of the biggest producers in the Middle East.
Check petrol prices in various cities today
Petrol price in New Delhi today: The petrol price here stood at Rs 75.10 per litre higher by 15 paisa from previous day of Rs 74.95 per litre. The petrol price in the national capital is at six-year high.
Petrol price in Kolkata today: While in Kolkata, petrol price stood at Rs 77.79 per litre up by 14 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 82.94 per litre above 15 paisa compared to the previous day price of Rs 82.79 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 77.93 paisa up by 16 paisa versus previous day prices of Rs 77.77 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 76.31 per litre, in Bhopal at Rs 80.67 per litre, Bhubaneswar at Rs 73.94 per litre, Chandigarh at Rs 72.23 per litre, Dehradun at Rs 76.72 per litre, Gandhinagar at Rs 74.42 per litre, Hyderabad at Rs 79.55 per litre, Jaipur at Rs 77.82 per litre, Lucknow at Rs 76.20 per litre, Patna at Rs 80.60 per litre, Raipur at Rs 75.53 per litre and Srinagar at Rs 79.55 per litre.
Moreover, Brent crude oil settled at $78.43 a barrel, up 20 cents, or 0.3 percent, after reaching an intraday peak of $79.47 a barrel, up $1.24 and its highest since November 2014. U.S. light crude closed 35 cents, or 0.5 percent, higher at $71.31 a barrel, also not far off the day`s peak at $71.92, its highest since November 2014.
According to Reuters report, prices pulled back in post-settlement trade after an industry organization said U.S. crude stockpiles built unexpectedly last week. U.S. crude dropped 6 cents to $70.90 a barrel, while Brent fell 22 cents to $78.01.