Petrol price in India today rises by 11-13p; Mumbai rate nears Rs 82 per litre, check other cities
Petrol price in India today: Tracking the global crude oil performance is an important factor for calculating final retail prices of petrol in various state capitals in India.
Petrol price in India today: With the rise in global crude oil on Tuesday, the petrol prices in India continue to rise in the range of 11 paise to 13 paise per litre in various state capitals. The state-owned oil companies have limited room to cut prices of petrol, as global crude oil basket continues to edge higher. Today, international crude oil prices inched up, as rising Russian output and expectations of a reduction in Saudi Arabian crude prices were offset by a potential slowdown in U.S. production.
Petrol prices in India have been a 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 73.95 per litre, higher by 12 paisa compared to Rs 73.83 per litre of previous day.
Petrol price in Kolkata today: While Kolkata saw hike of 12 paisa in petrol prices to Rs 76.66 per litre as against previous day price of Rs 76.54 per litre.
Petrol price in Mumbai today: Petrol has remained four-year high in this city since start of 2018, and Tuesday was the same, as the price stood at Rs 81.80 per litre up by 11 paisa as against Rs 81.69 per litre in previous day.
Petrol price in Chennai today: Unlike above mentioned three cities, Chennai saw higher increase in its petrol prices by 13 paisa and was valued at Rs 76.72 per litre versus previous day price of Rs 76.59 per litre.
Petrol price in other state capitals today: Petrol prices in Bengaluru stood at Rs 75.12 per litre, in Bhopal at Rs 79.49 per litre, Bhubaneswar at Rs 72.79 per litre, Chandigarh at Rs 71.12 per litre, Dehradun at Rs 75.80 per litre, Gandhinagar at Rs 73.27 per litre, Hyderabad at Rs 78.31 per litre, Jaipur at Rs 76.66 per litre, Lucknow at Rs 75.29 per litre, Patna at Rs 79.46 per litre, Raipur at Rs 74.40 per litre and Srinagar at Rs 78.34 per litre.
Moreover, U.S. WTI crude futures were at $63.2 a barrel at 0117 GMT, up 18 cents, or 0.3 percent, from their previous settlement. Brent crude futures rose to $67.84 per barrel, up 20 cents, or 0.3 percent, after it fell more than 2 percent.
Greg McKenna, chief market strategist at futures brokerage AxiTrader, said in a Reuters report,traders were wary of the fact that the market was still holding large amounts of long positions which will need to be sold off at some stage.
"That makes prices vulnerable to bad news," he said, pointing to rising Russian production and a likely drop in Saudi physical crude prices.
Reportedly, Brent reached a 2018 high of $71.28 in January but hassince struggled to pass that level. Two rallies last week ranout of steam just above $71.