Petrol price today up 32p to 35p; You now pay over Rs 84 per litre in Mumbai, Rs 79 per litre in Chennai, know more
India have taken a new turn when it comes to fuel prices, as each coming day we are paying a higher amount for fuel and no relief is looming on the horizon as the government is refusing to step in to cap them. What is shocking is that in just 7 days, petrol prices have now reached over 5-year high as they were hiked by nearly Rs 2 per litre each in various state capital. We do know the reasons behind these heavy hikes, but the jump is quite surprising. And today, petrol price was hiked in the range of 32 paisa to 35 paisa per litre, also now consumers will pay over Rs 74 per litre in Mumbai and Rs 79.13 per litre in Chennai. These two have seen massive hike in their petrol rates, however they are not alone touching new heights other cities also face the same brunt.
So far, we know it is brent crude oil has shoot up near $79 per barrel, whereas Indian government has ruled out possibility to ease excise duty. Also, many states are reluctant in reduce the Value Added Tax and the rupee has been hovering near 68-mark against US benchmark dollar index.
Today the petrol price of New Delhi have touched over 5-year high to Rs 76.24 per litre higher by 33 basis points compared to previous day price of Rs 75.61 per litre.
Going ahead India’s financial hub Mumbai has witnessed a situation where petrol price has hit Rs 84.07 per litre today, which is also up 32 paise against previous day price of Rs 83.75 per litre. This city has the most expensive petrol price.
Furthermore, Chennai saw the most hike in it’s prices to Rs 79.13 per litre on Sunday, above 35 paisa compared to previous price of Rs 78.78 per litre.
The current level of above mentioned three cities is already at five year highs as last time this trend was recorded in September 2013.
Now in Kolkata, the price were raised by 32 paisa to Rs 78.91 per litre as against Rs 78.59 per litre of previous day. This city’s price is nearly five-year high as last time it stood at this level in December 2013. Looking at the other cities trend, customers may soon pay Rs 79 per litre in Kolkata as well.
However, today’s hike is despite Brent crude futures fell 79 cents, or 1%, to settle at $78.51 a barrel on Friday. This commodity has broke through $80 a barrel for the first time since November 2014, and investors anticipate more gains due to supply concerns, at least in the short term.
Brent crude oil has surged by nearly 17.5% since start of 2018.
Therefore, from May 14 to till today, petrol prices have rose by Rs 1.59 per litre each in Mumbai and Kolkata, whereas New Delhi had slightly higher hike by Rs 1.61 per litre and Chennai the most by Rs 1.70 per litre.
Controlling the rise of petrol prices has become crucial for the NDA government as 2019 election looming.