Petrol Cost Close To Rs. 90/- Per Litre In Mumbai
No respite for motorists from rising fuel rates all over the nation and many already feel the pinch.
Petrol price in Mumbai might soon cross Rs. 90/- per litre if the current trend of raising fuel cost continues.
Today, motorists would have to shell out Rs. 89.02/- for a litre of petrol in the financial capital. While the price is unchanged from Sunday, there was a hike of 21 paise from the Saturday’s pricing of Rs. 88.81/- per litre.
A similar uptick in the Mumbai petrol price was witnessed over the past 10 days, while diesel was not spared either. Admittedly, at Rs. 78.97/- it is less pricier than petrol in Mumbai, but its cost too has increased drastically over the last 10 days.
The situation is similar in other metros too, with petrol costing Rs. 82.34/- per litre in Delhi, no change from Sunday, while Diesel is sold at Rs. 72.42/- per litre, again no change after a 29 paise increase on Sunday.
In Chennai though, petrol price was reduced by 9 paise and sold at Rs. 85.31/- and diesel too saw its cost go down by 8 paise a litre to be retailed at Rs. 77.84/-.
Another metro city in the nation, Kolkata, like Mumbai, did not see fuel rates go up today, with petrol selling for Rs. 83.87/- and diesel costing Rs. 75.99/- per litre.
Global WTI crude oil prices are heading towards $45 (Rs. 3329/-) a barrel and are unlikely to come down soon as Oil Marketing Companies (OMCs) look to protect their automotive fuel marketing margins and subsequently their profits.
During the current financial year, the net marketing margin of auto fuel has remained at Rs. 4.2/- per litre and in Q3 has remained Rs. 3.59/- a litre till 25th November.
But, a rise in global auto fuel prices would mean net margins will fall for OMCs. Thus, to maintain marketing margins, OMCs will raise fuel cost and expect Mumbai petrol price to cross Rs. 90/- a litre soon.