Petrol prices in Delhi, Kolkata, Chennai stay at peaks for 9th day; OMCs maintain status quo due to Karnataka polls
There is a limited room for reduction in the petrol prices as global crude continue to be volatile this year.
Petrol price in India today: International oil prices are buoyant, however, the state-owned oil companies have stopped hiking fuel prices due to Karnataka assembly polls. The state-owned oil companies decided to keep rates of petrol unchanged for the ninth consecutive day in various state capitals of India. The OMCs have kept petrol price unchanged on Wednesday despite international crude oil prices rose on the back of concerns that the United States may re-impose sanctions on major exporter Iran, as the soaring US supplies capped gains.
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.
Karnataka is going for polls on May 12, and ahead of that the OMCs are cautious in deciding the petrol prices. There is a limited room for reduction in the product's prices as global crude continue to be volatile this year.
On Tuesday, Economic Affairs Secretary Subhash Chandra Garg reportedly said the government is not considering cutting excise duty on petrol and diesel yet as the rates have not touched levels that could trigger such an action.
The government has also asked OMCs to absorb Rs 1 per litre hike in their basket, thereby, providing them limited room for reduction in prices of fuel products.
Petrol price in New Delhi today: The petrol price here stood at Rs 74.63 per litre unchanged from the 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 Monday was the same, as the price stood at Rs 82.48 per litre same as on the 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 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, Brent crude oil futures were at $73.25 per barrel at 0020 GMT, up 12 cents, or 0.2 percent, from their last close. The US West Texas Intermediate (WTI) crude futures were up 20 cents, or 0.3 percent, at $67.45 per barrel.
"As May 12 Iran nuclear deadline nears ... geopolitical developments will continue to drive (oil market) sentiment," said Stephen Innes, head of trading for Asia/Pacific at futures brokerage OANDA in Singapore in a Reuters report.