Petrol price in Mumbai slashed; Rates cut by 23p to 26p across metro cities

The state-owned OMCs have cut the price of petrol for 12th consecutive day today, thereby providing further relief to the public. On Sunday, petrol prices were down in the range of 23 paisa to 26 paisa per litre in metro cities, as per data given by Indian Oil Corp. This revision today would also be highest relief since the OMCs started trimming prices of petrol from May 30. The country, since the start of 2018, has seen aggressive hikes in petrol prices so much so that they were at record high with cities like Mumbai, Kolkata and Chennai rates reaching Rs 86, Rs 82 and Rs 83 per litre marks. The rise in petrol price was an outcome of higher international crude oil prices which even touched the $80 per barrel mark in May month being highest since 2014. This left no room for OMCs to provide lower petrol prices, because even government ruled out excise duty cuts and states were reluctant to reduce Value Added Tax (VAT). The trend is changing regarding petrol prices and the reason may well be the fast approaching 2019 elections and the government would not want a dissatisfied public on hand.

Today, in New Delhi 1 litre petrol is priced at Rs 76.78 below 24 paisa compared to previous day price of Rs 77.02.

Similarly, Kolkata is charging you Rs 79.44 per litre for 1 litre petrol which is lower by 24 paisa compared to previous day price of Rs 79.68.

India’s financial hub Mumbai is seeing some relief in petrol price, as today, 1 litre petrol was priced at Rs 84.61 compared to previous day price of Rs 84.84 - which means a cut of 23 paisa.

This city has been selling very expensive petrol more than Rs 86 per litre.

Coming to Chennai, this city today saw a much higher cut compared to above mentioned metro cities as 1 litre petrol here was priced at Rs 79.69 down by 26 paisa as against Rs 79.95 of previous day.

1 litre petrol in other cities stood at Rs 78.03 in Bangalore, Rs 82.38 in Bhopal, Rs 75.60 in Bhubaneswar, Rs 73.84 in Chandigarh, Rs 78.04 in Dehradun, Rs 81.33 in Hyderabad, Rs 79.53 in Jaipur, Rs 77.52 in Lucknow, Rs 82.26 in Patna, Rs 77.18 in Raipur and Rs 81.19 in Srinagar.

Moreover, on Friday, international crude prices were once again on an upward spiral leading to renewed fears over widening fiscal deficit and rising inflationary pressure.

According to Reuters report, Brent crude futures was trading sharply higher at USD 76.69 a barrel in early Asian trade, driven up by supply woes as Venezuela struggles to meet its supply obligations and by ongoing voluntary output cuts led by producer cartel OPEC.

So far in 10 days, petrol price has come down by over Rs 1 litre in the mentioned cities.