Petrol price today down by 39p to 42p; Mumbai rate below Rs 85, Chennai sees most cut

India is now witnessing some revival in their petrol fuel purchase at various state capital, as the state-owned OMCs have cut down the price of this fuel product for 10th consecutive day today. On Saturday, petrol prices were down in the range of 39 paisa to 42 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 have started trimming down prices of petrol from May 30. The country since start of 2018, have seen aggressive hikes in petrol prices so much so that they were at record high with cities like Mumbai, Kolkata and Chennai earmarking 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 a $80 per barrel in May month being highest since 2014. This led no room for OMCs to provide lower petrol price, because even government ruled out excise duty cut and states were reluctant in Value Added Tax (VAT). However, now the trend has changed in petrol price, because of 2019 elections on the way, government had to force OMCs in relieving petrol price.

Today, in New Delhi 1 litre petrol is priced at Rs 77.02 below 40 paisa compared to previous day price of Rs 77.42.

Meanwhile, Kolkata and Mumbai saw a cut of 40 paisa each in their petrol price.

Kolkata is charging you Rs 79.68 per litre for 1 litre petrol which is lower by 40 paisa compared to previous day price of Rs 80.07.

India’s financial hub Mumbai is seeing some major relief in their petrol price, as today, 1 litre petrol was priced at Rs 84.84 compared to previous day price of Rs 85 - which means a cut of 40 paisa. This city has been selling very expensive petrol more than Rs 86 per litre.

Coming to Chennai, this city today saw much higher cut compared to above mentioned metro cities as 1 litre petrol here was priced at Rs 79.95 down by 42 paisa as against Rs 80.37 of previous day.

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 Rs 1 litre in the mentioned cities.