Petrol price today: Massive Rs 4.37 cut in Mumbai; check latest rates for metros

Petrol price today: In financial capital Mumbai, one litre of petrol is retailing at Rs 86.97, down by Rs 4.37 as compared to yesterday’s price of Rs 91.34.

Petrol price today: After the centre announced a Rs 2.5 slash in petrol and diesel prices yesterday, leading to many states following suit, there was finally some relief for the common man as petrol and diesel prices fell by up to Rs 4.37 in the major metros. In financial capital Mumbai, one litre of petrol is retailing at Rs 86.97, down by Rs 4.37 as compared to previous highs of Rs 91.34. In national capital Delhi, one litre of petrol is retailing at Rs Rs 81.50 down from Rs 84, implying a slash of Rs 2.5. In Kolkata, one litre of petrol can by purchased for Rs 83.35, while in case of Chennai, the prices has been reduced to Rs 84.70.

Diesel prices too saw a major cut, with the latest rate for Delhi being Rs 72.95, Mumbai- Rs 77.45; Kolkata at Rs 74.80 and Chennai at Rs 77.11. Yesterday, finance minister Arun Jaitley announced a cut of Rs 2.5 per litre on fuel prices. This was followed by the BJP-led government in Maharashtra extending an additional cut of Rs 2.5 per litre for petrol consumers with immediate effect, bringing the total benefit to consumers to Rs 5 per litre.

On the basis of reduction in prices announced, the estimated loss of income to the state’s exchequer will be Rs 1,800 crore. Many BJP-ruled states including Uttar Pradesh, Gujarat, Haryana and Chhattisgarh announced joined in to provide additional relief of Rs 2.5. As many as 12 states have reduced petrol prices by Rs 2.5.

This is the second excise duty cut announced by the government in one year as crude oil prices surged from $55 a barrel to $86 a barrel since September 2017. Last year, on October 3, the Narendra Modi government had announced an excise duty cut of Rs 2 a litre on petrol and diesel.

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