Petrol price today: Petrol price cut to below Rs 80 in Mumbai; check latest rates in metros

Petrol price today: Fuel prices continued to ease in the major metros, with one litre of petrol now being sold below Rs 80 in Mumbai.

Petrol prices have been reduced to Rs 79.62 in Mumbai, a cut of 41 paise from yesterday’s prices. In case of national capital Delhi, one litre of petrol is now retailing at Rs 74.07, down by 42 paise from yesterday’s rates. In case of Kolkata, oil marketing firms have cut the petrol price to Rs 76.06. In Chennai, one litre of petrol can be bought for Rs 76.88. Fuel prices have been on a decline in the last 40 days on the back of easing global crude oil prices. The rates have fallen by Rs 8.76 in Delhi, Rs 8.46 in Mumbai, Rs 8.59 in Kolkata and Rs 9.22 in Chennai from all-time high levels on October 17th.

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Meanwhile, oil markets opened cautiously on Tuesday, with many traders reluctant to take on large new positions ahead of the G20 gathering in Argentina this weekend and the OPEC meeting in Austria next week. U.S. West Texas Intermediate (WTI) crude futures were at $51.52 per barrel at 0011 GMT, down 11 cents, or 0.2 percent from their last settlement. International Brent crude oil futures had yet to trade, but had barely hung on to $60 per barrel at the end of the previous day after Friday’s price plunge, Reuters reported. 

In a bid to accelerate scale, the government has allowed the state-run oil marketing companies (OMCs) to go for a massive expansion by doubling the number of fuel outlets over the next five years. State-run oil marketing PSUs — Indian Oil Corporation, Bharat Petroleum Corporation and Hindustan Petroleum Corporation — have together invited bids for 55,649 petrol pumps dealership across the country.

“For a fast-growing economy like ours, energy needs are growing manifold. PSU Oil Marketing Companies (OMCs – BPCL, HPCL & IOCL) are undertaking Retail Outlet (Petrol Pump) network expansion in tandem with the growth in demand of Petrol and Diesel,” a joint statement by the firms said. 

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