Petrol price in India today down 3-4p; Delhi rate below Rs 74 per litre, check other metro cities
Petrol price in India today: After weeks of hiking in petrol prices, the state-owned Oil Companies on Monday, surprisingly trim down the price of the product in the range of 3 paisa to 4 paisa each per litre in various state capital of India. The state-owned oil companies have limited to room to deduct prices of petrol, as global crude oil basket continue to edge higher. Today, international oil markets stabilised after slumping around 2% last Friday on concerns over an intensifying trade dispute between the United States and China, as well as increased U.S. drilling activity.
Petrol prices in India have been on mixed bag since the start of 2018, as oil companies 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 state's Value Added Tax (VAT) and government's excise duty.
Petrol price in New Delhi today: It was priced at Rs 73.99 per litre down by 4 paisa compared to Rs 74.03 per litre of previous day. With the current deduction, the petrol price in New Delhi came below Rs 74-mark, however yet stayed near six-year high.
Petrol price in Kolkata today: While in Kolkata petrol prices were at Rs 76.70 per litre - below 3 paisa as against Rs 76.73 of the previous day. This city today saw the lowest reduction in their petrol prices.
Petrol price in Mumbai today: Petrol has remained four-year high in this city since start of 2018, and Monday was the same, as the price stood at Rs 81.84 per litre - down by 4 paisa versus previous day price of Rs 81.88. Near Rs 82 per litre-mark in Mumbai was last seen in March 2014.
Petrol price in Chennai today: This city has been witnessing major hike in past few weeks, however on Monday, the petrol prices was valued at Rs 76.76 per litre - lower by 4 paisa in comparison with previous day prices of Rs 76.80 per litre.
Petrol price in other state capitals today: Petrol prices in Bengaluru stood at Rs 75.16 per litre, in Bhopal at Rs 79.53 per litre, Bhubaneswar at Rs 72.83 per litre, Chandigarh at Rs 71.15 per litre, Dehradun at Rs 75.83 per litre, Gandhinagar at Rs 73.31 per litre, Hyderabad at Rs 78.36 per litre, Jaipur at Rs 76.70 per litre, Lucknow at Rs 75.32 per litre, Patna at Rs 79.50 per litre, Raipur at Rs 74.44 per litre and Srinagar at Rs 78.38 per litre.
Moreover, markets on Monday were also eyeing the situation in Syria after reports - denied by the Pentagon - that U.S. forces had struck a major air base there. U.S. WTI crude futures were at $62.34 a barrel at 0355 GMT, up 28 cents, or 0.45 percent, from their previous settlement. Brent crude futures were at $67.43 per barrel, up 32 cents, or 0.5 percent.
According to Reuters report, Oil prices fell about 2% on Friday after U.S. President Donald Trump threatened new tariffs on China, reigniting fears of a trade war between the world`s two largest economies that could hurt global growth. West Texas Intermediate futures rose 50 cents, or 0.8 percent, to settle at $63.51 a barrel.
"There`s not really one catalyst for crude being up today," said John Macaluso, analyst at Tyche Capital Advisors in Reuters report. "The gains were in part the result of a technical rebound from Monday`s losses, as well as a recovery in the equities market," Macaluso added.