Petrol price hike ordered again, rate just short of all-time high; diesel price at record high

Petrol price in India today: The price of petrol continued to rise for 4th straight day gaining 22-24 paise per litre across Delhi, Kolkata, Mumbai and Chennai. With this, petrol prices are just 1 per cent away from their lifetime high of Rs 76.06 per litre hit in September 2013.  

The oil marketing copanies (OMCs) IOC, BPCL and HPCL got on with hiking petrol prices from Monday onward, for the first time since April 24 after the conclusion of the Karnataka election voting. In the last four days, petrol prices have gone up in the range of 69-73 paise per litre across Delhi, Kolkata, Mumbai and Chennai. Diesel prices have risen by 70-93 paise per litre during the same period. 

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.

Petrol price in New Delhi today: The petrol price here stood at Rs 74.95 per litre higher by 22 paisa from previous day of Rs 75.10 per litre.
 
Petrol price in Kolkata today: While in Kolkata, petrol price stood at Rs 78.01 per litre up by 22 paisa compared to previous day price of Rs 77.79 per litre. 
 
Petrol price in Mumbai today: The price stood at Rs 83.16 perlitre above 22 paisa compared to the previous day price of Rs 82.94 per litre. 
 
Petrol price in Chennai today: The  petrol price here stood at Rs 78.16 paisa up by 23 paisa versus previous day prices of Rs 77.93 per litre. 

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Meanwhile, global oil prices firmed on Thursday, with Brent crude reaching closer to $80 per barrel, a level it has not seen since November 2014, as supplies tighten while demand remains strong. Brent crude futures were at $79.36 per barrel, up 8 cents from their last close. US West Texas Intermediate (WTI) crude futures were at $71.71 a barrel, up 22 cents, or 0.3 per cent, from their last settlement.

"Brent was now threatening to break through $80 per barrel ... (as) geopolitical risks continue to support prices, (and) an unexpected fall in inventories in the US got investors excited yesterday,” said ANZ bank to Reuters.