Petrol price in India today: The state-owned oil companies have limited room to cut prices of petrol, as global crude oil basket continues to edge higher. Thus, the oil companies once again have hiked the price of the product in the range of 4 paisa to 6 paisa each per litre in various state capitals of India on Sunday. Also recently, the government has asked OMCs to absorb Rs 1 rupee per litre price hike, while ruling out excise duty cut to lower oil prices.
OMCs like Hindustan Petroleum Corp Limited (HPCL), Indian Oil Corp (IOCL) and Bharat Petroleum Corp Limited (BPCL) decide the final retail petrol price by taking into consideration the international crude basket, plus states’ Value Added Tax (VAT) and the government’s excise duty.
Petrol price in New Delhi today: The petrol price here was stood at Rs 73.98 per litre, above 5 paisa from the previous day price of Rs 73.93. With the current hike, the petrol price in New Delhi came near Rs 74-mark – staying near six-year high. Read More