Petrol price in India today rises as global crude gains over 1%; check rates in Delhi, Mumbai, Bengaluru, more
Petrol price in India today: Tracking the global crude oil performance comes as an important factor for calculating final retail prices of petrol in various major state capitals in India.
Petrol price in India today: While you are already busy paying higher prices for petrol in India, looks like you will have to pay even more, because the global crude prices are just not ready to record any downward trend. On Friday, global crude prices, jumped by more than 1%, driven by Saudi plans for OPEC and Russian led production curbs introduced in 2017 to be extended into 2019 in order to tighten the market. 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 in to consideration the international crude basket, plus state's Value Added Tax (VAT) and government's excise duty. Thus, if global crude prices registers uptrend, the impact will be recorded in Indian petrol prices, and today was no different, as the product surged by 4 paisa per litre each in various state capital.
Petrol price in New Delhi today: It was priced at Rs 72.30 per litre on Friday, higher by 4 paisa compared to Rs 72.26 per litre of previous day.
Petrol price in Kolkata today: Similarly, Kolkata also saw hike of 4 paisa in petrol prices to Rs 75.04 per litre as against previous day price of Rs 75 per litre.
Petrol price in Mumbai today: Petrol has remained four-year high in this city since start of 2018, and Friday was the same, as the price of this fuel stood at Rs 80.17 per litre up by 4 paisa as against Rs 80.13 per litre in previous day.
Petrol price in Chennai today: Just like above three mentioned cities, Chennai also saw 4 paisa increase in petrol and was valued at Rs 74.98 per litre versus previous day price of Rs 74.94 per litre.
Petrol price in other state capitals today: Petrol prices in Bengaluru stood at Rs 73.44 per litre, in Bhopal at Rs 77.91 per litre, Bhubaneswar at Rs 71.15 per litre, Chandigarh at Rs 69.53 per litre, Dehradun at Rs 74.50 per litre, Gandhinagar at Rs 71.74 per litre, Hyderabad at Rs 76.56 per litre, Jaipur at Rs 75.08 per litre, Lucknow at Rs 74.00 per litre, Patna at Rs 77.82 per litre, Raipur at Rs 72.78 per litre and Srinagar at Rs 76.73 per litre.
U.S. West Texas Intermediate (WTI) crude futures were at $64.99 a barrel at 0405 GMT, up 69 cents, or 1.1 percent, from their previous close. Brent crude futures were at $69.54 per barrel, up 63 cents, or 0.9 percent.
For the week, Brent was set for a gain of about 5 percent, its strongest showing since July last year, while WTI was up about 4.3 percent.
The rise in oil prices defied global stock markets, which slumped on the back of worries about a trade stand-off between the United States and China. But gold, seen as a safehaven in times of economic turmoil, rallied to a two-week high on Friday, as per Reuters report.
It added, "U.S. President Donald Trump signed a memorandum on Thursday that could impose tariffs on up to $60 billion of imports from China, while China unveiled plans on Friday to impose tariffs on up to $3 billion of U.S. imports."