Petrol price cut for first time after 16 days' aggressive hikes; know what you pay today

Each coming day consumers are ending up paying record high petrol prices in various state capitals. Today, the state-owned Oil companies for the first time in sixteen days decided to trim down petrol prices, but that was by just 1 paisa. However there is nothing to be excited about the cut made in these two fuel product because rates still stay at record high levels. You are still paying over Rs 86  per litre in Mumbai, over Rs 78 per litre in New Delhi and Rs 81 per litre in Chennai. Also, the city of Kolkata has joined the Rs 81 per litre club. OMCs take into consideration the daily performance of international crude oil, government's excise duty and state's VAT for deriving final retail prices in India. 

Today the petrol price of New Delhi has touched a new high of Rs 78.42 per litre lower by 1 basis points compared to previous day price of Rs 78.43 per litre.

Going ahead India’s financial hub Mumbai has witnessed a situation where petrol price has hit Rs 86.23 per litre today, which is also down 1 paise against previous day price of Rs 86.23 per litre. This city has the most expensive petrol price. Over Rs 86 per litre has never been seen in this city. 

Furthermore, Chennai saw petrol at Rs 81.42 per litre on Tuesday, below 1 paisa compared to previous price of Rs  81.43 per litre.

Now in Kolkata, the price was down by 1 paisa to Rs 81.05 per litre as against Rs 81.06 per litre of previous day. Customers now pay Rs 81 per litre in Kolkata as well. This would be third metro city to earmark over Rs 80s club.

Moreover, international crude oil prices inched down on Wednesday amid concerns that Saudi Arabia and Russia will pump more crude in the second half of the year in response to falling global crude inventories and rising consumer prices.

Therefore, Brent crude was down 45 cent, or 0.6 percent, at $74.94 a barrel at 0325 GMT, after settling up 9 cents on Tuesday. U.S. West Texas Intermediate crude was down 24 cents, or 0.34 percent, at $66.49 a barrel. It had settled down $1.15, as per Reuters. 

Following the above factors, from May 14 to till today, petrol prices have rose by Rs 3.75 per litre in Mumbai and Rs 3.73 per litre in Kolkata, whereas New Delhi had slightly higher hike by Rs 3.79 per litre and Chennai the most by Rs 3.99 per litre.