The state-owned OMCs have trimmed down petrol price in various state capitals of India by 15 paisa per litre on Monday. This cut would be the highest since the OMCs began relaxing petrol price from May 29. However, the prices still remain at record high. The fuel price rise was an outcome of higher crude oil prices, and no relief in excise duty and Value Added Tax (VAT) which left no room for OMCs. Oil Ministry may reportedly ask ONGC to bear subsidy burden instead of OMCs, which will bring in good news for fuel price. For now, you are paying nearly Rs 86  per litre and Rs 78 per litre in Mumbai and New Delhi respectively, whereas in Chennai and Kolkata you have to pay over Rs 80 per litre.
 
OMCs take into consideration the daily performance of international crude oil, government's excise duty and states’ VAT for deriving final retail prices in India. 
 
Today, the petrol price in New Delhi was at Rs 77.96 per litre, down by 15 basis points, compared to previous day price of Rs 78.11 per litre.
 
India’s financial hub Mumbai however witnessed a situation where petrol price had hit over Rs 86 per litre mark, but today, petrol is valued at Rs 85.77 per litre, below 15 paise against previous day price of Rs 85.92 per litre. This city has the most expensive petrol price. 
 
Chennai saw petrol at Rs 80.94  per litre on Monday, lower by 15 paisa, compared to previous price of Rs 81.09 per litre.
 
In Kolkata, the price was down 15 paisa to Rs 80.60 per litre as against Rs 80.75 per litre of previous day. This would be the third metro city to be earmarked over Rs 80s club.
 
Moreover, international crude oil futures lost more ground on Monday, as the market was weighed down by US output climbing to a record-high and expectations that OPEC members will raise supplies.
 
As per Reuters, global benchmark Brent was down 34 cents, or 0.4 percent, at $76.45 a barrel by 0531 GMT, falling for a second session. U.S. West Texas Intermediate (WTI) crude futures dipped 3 cents to $65.78 a barrel. Last week, the market lost around 3 percent, adding to a near 5-percent decline from a week before.
 
From May 14 when prices started increasing to till today, petrol prices have rose by Rs 3.44 per litre in Mumbai and Rs 3.43 per litre in Kolkata, whereas New Delhi had slightly higher hike by Rs 3.48 per litre and Chennai the most by Rs 3.66 per litre.