Petrol price cut for 14th day in a row; You may soon pay below Rs 84 in Mumbai, other metro cities also get relief

The state-owned Oil Companies continue to trim down petrol prices for 14th consecutive day today, in line with international crude prices which were trading stable amid cautious optimism over the outcome of a summit between US President Donald Trump and North Korean leader Kim Jong Un in Singapore. Petrol prices today saw a cut of 15 paisa each per litre in various state capitals of India. Since the 2019 election is less than a year away, the government is determined to reduce prices of the fuel products. State elections are expected to take place in Chhattisgarh, Madhya Pradesh and Rajasthan in late 2018, calling for major urgency in relaxing petrol prices to save the NDA government from facing the repeat of the Karnataka scenario. From May 30, the OMCs are being forced to reduce petrol prices despite Brent crude hovering near $76 per barrel. The movement has come as a good news for citizens who were paying for record high petrol prices in the metro cities last month. 
 
Today in New Delhi, 1 litre petrol is priced at Rs 76.43, below 15 paisa compared to previous day price of Rs 76.58.
 
Similarly, Kolkata is charging Rs 79.10 per litre for a litre petrol which is lower by 15 paisa compared to previous day price of Rs 79.25.
 
India’s financial hub Mumbai is seeing some relief in petrol price, as 1 litre petrol was priced at Rs 84.26 today, compared to previous  day price of Rs 84.41 - which means a cut of 15 paisa. The city has been selling petrol over Rs 86 per litre.
 
Chennai today saw a much higher cut compared to above mentioned metro cities as 1 litre petrol here was priced at Rs 79.33, down by 15 paisa as against Rs 79.48 of previous day.
 
A litre petrol priced at Rs 77.67 in Bangalore, Rs 82.02 in Bhopal, Rs 75.25 in Bhubaneswar, Rs 73.51 in Chandigarh, Rs 77.76 in Dehradun, Rs  80.96 in Hyderabad, Rs 79.17 in Jaipur, Rs 77.25 in Lucknow, Rs 81.91 in Patna, Rs 76.84 in Raipur and Rs 80.85 in Srinagar.
 
According to a Reuters report, movements in crude markets were also limited ahead of a meeting between the Organization of the Petroleum Exporting Countries (OPEC) and some of its allies on June 22 that may determine the crude production policy of several major producers.
 
Therefore, Brent crude futures were trading at $76.45 per barrel at 0355 GMT, little changed from their last close. US West Texas Intermediate (WTI) crude futures were at $66.16 a barrel, up 6 cents from their last settlement.