Petrol price today: Petrol prices were slashed for the fifth consecutive day on Monday, with rates being cut by 6-8 paise in the major metros. Notably, one litre of petrol retailed at Rs 76.30 in Delhi, as compared to Rs 76.37 yesterday, implying a cut of 7 paise. In Mumbai, petrol prices were slashed by 7 paise to Rs 83.75. Petrol prices in Kolkata and Chennai are at Rs. 79.15 per litre and Rs. 79.25 per litre respectively, implying a cut of 5 paise in Kolkata and 8 paise in Chennai, data as per IOC website showed. Fuel prices, which surged to record highs on May 29, have been cut mostly in last 50 days as international crude oil prices slumped due to various geopolitical factors.
The continuing slash comes even as oil prices fell on Monday because of increasing concerns about fuel demand after finance ministers and central bank governors from the G20 warned that global economic growth risks have increased amid rising trade and geopolitical tensions.
Brent crude dropped 18 cents, or 0.3 percent, to $72.89 a barrel by 0329 GMT. U.S. West Texas Intermediate (WTI) futures declined 13 cents, or 0.2 percent, to $68.13 a barrel, Reuters reported. Even as fuel prices have been cut for almost two months now in the range of 1 paisa-45 paise, the issue of high price continues to be criticised. On Friday last week, during the no-confidence motion against the ruling party under the leadership of Narendra Modi, high fuel prices were used to criticise the government.