Petrol price hiked by 34p today, rate rises by Rs 2/ltr in 8 days; consumers pay over Rs 79 in Kolkata

On Monday, petrol price was hiked in the range of 33 paisa to 34 paisa per litre, also now consumers will pay over Rs 74 per litre in Mumbai, Rs 79 per litre each in Chennai and Kolkata.

Representational Image: Photo: Pixabay

Each coming day petrol price has been hitting new levels. Cities like Mumbai, Kolkata, New Delhi and Chennai are seeing this product hitting over 5-year highs. With the rise showing no signs of abating, today Oil Minister Dharmendra Pradhan explained the rise in fuel prices was caused due to reduction seen in production of oil in Organisation of Petroleum Exporting Countries (OPEC) and hike in crude oil price in the international market. On Monday, petrol price was hiked in the range of 33 paisa to 34 paisa per litre, also now consumers will pay over Rs 74 per litre in Mumbai, Rs 79 per litre each in Chennai and Kolkata.

So far, we know it is brent crude oil has shoot up to near $79 per barrel, whereas Indian government has ruled out possibility to ease excise duty. Also, many states are reluctant in reduce the Value Added Tax and the rupee has been hovering near 68-mark against US benchmark dollar index.

Today the petrol price of New Delhi has touched over 5-year high to Rs 76.57 per litre higher by 33 basis points compared to previous day price of Rs 76.24 per litre.

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Going ahead India’s financial hub Mumbai has witnessed a situation where petrol price has hit Rs 84.40 per litre today, which is also up 33 paise against previous day price of Rs 84.07 per litre. This city has the most expensive petrol price.

Furthermore, Chennai saw the most hike in it’s prices to Rs 79.47 per litre on Monday, above 34 paisa compared to previous price of Rs 79.13 per litre.

The current level of above mentioned three cities is already at five year highs as last time this trend was recorded in September 2013.

Now in Kolkata, the price were raised by 33 paisa to Rs 79.24 per litre as against Rs 79.13 per litre of previous day. This city’s price is nearly five-year high as last time it stood at this level in December 2013. Looking at the other cities trend, customers will now pay Rs 79 per litre in Kolkata as well.

Pradhan talking to reporters said, “It's not in our hand. There is less production of oil in OPEC countries. The government will soon come out with a solution.”

Well, when will the solution arrive for petrol prices, we will just have to wait and watch.

Meanwhile, today’s international crude oil prices rose as markets reacted to news that China and the United States have put a looming trade war between the world`s two biggest economies "on hold".

Therefore, Brent crude futures were at $79.13 per barrel at 0121 GMT, up 62 cents, or 0.8 percent, from their last close. Brent broke through $80 for the first time since November 2014 last week. U.S. West Texas Intermediate (WTI) crude futures were at $71.83 a barrel, up 55 cents, or 0.8 percent, from their last settlement.

Following the above factors, from May 14 to till today, petrol prices have rose by Rs 1.92 per litre each in Mumbai and Kolkata, whereas New Delhi had slightly higher hike by Rs 1.9 per litre and Chennai the most by Rs 2.04 per litre.

Controlling the rise of petrol prices has become crucial for the NDA government as 2019 election looming.

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