Petrol price in Mumbai: You may soon pay Rs 83 per litre; check rates in other cities here
Today in various state capital the petrol price was hiked between 17 paisa to 18 paisa per litre, especially in Mumbai, where the price has been near Rs 83 per litre.
Petrol price in India today: HPCL, BPCL, IOC share prices gained up to 4 per cent as the oil marketing companies hiked petrol and diesel prices for the first time since April 24 after the conclusion of the Karnataka election voting. Today in various state capital the petrol price was hiked between 17 paisa to 18 paisa per litre, especially in Mumbai, where the price has been near Rs 83 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 on Monday fell away from last week`s multi-year highs as a relentless rise in U.S. drilling activity pointed to increased output, while resistance emerged in Europe and Asia to U.S. sanctions against major crude exporter Iran.
OMC including 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.
The government had asked OMCs to absorb Rs 1 per litre hike in their basket, but the companies have limited room for reduction in prices of fuel products.
Check petrol prices in various cities today
Petrol price in New Delhi today: The petrol price here stood at Rs 74.80 per litre higher by 17 paisa from previous day of Rs 74.63 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 77.50 per litre up by 17 paisa compared to previous day price of Rs 77.32 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 82.65 per litre above 18 paisa compared to the previous day price of Rs 82.48 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 77.61 paisa up by 18 paisa versus previous day prices of Rs 77.43 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 76.01 per litre, in Bhopal at Rs 80.36 per litre, Bhubaneswar at Rs 73.64 per litre, Chandigarh at Rs 71.94 per litre, Dehradun at Rs 76.48 per litre, Gandhinagar at Rs 74.12 per litre, Hyderabad at Rs 79.23 per litre, Jaipur at Rs 77.51 per litre, Lucknow at Rs 75.97 per litre, Patna at Rs 80.30 per litre, Raipur at Rs 75.24 per litre and Srinagar at Rs 79.26 per litre.
Moreover, Brent crude futures were at $76.65 per barrel at 0415 GMT, down 47 cents, or 0.6 percent from their last close. U.S. West Texas Intermediate (WTI) crude futures were at $70.41 a barrel, down 29 cents, or 0.4 percent.
According to Reuters report, Brent and WTI last week reached their highest since November 2014 at $78 and $71.89 per barrel respectively, as markets expect Iran`s oil exports to fall significantly once U.S. sanctions bite later this year.
"Around a million barrels of oil a day is likely to disappear from global oil markets if the U.S. sanctions on Iran bite," said Greg McKenna, chief market strategist at futures brokerage AxiTrader in the report.