Petrol price in India today up; Mumbai, Chennai, Kolkata see highest hike, check other cities
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: The uptrend in Indian petrol prices continued today, as the product rose in the range of 15 paisa to 17 paisa per litre in various state capitals. Petrol prices saw a surge despite global crude oil recording drop in today's trading session. International prices fell about 1% after data showed US crude inventories unexpectedly rose 1.6 million barrels last week, weighing on market sentiment.
With this, many cities of India have witnessed massive hike, especially Kolkata and Mumbai. 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 73.08 per litre, higher by 15 paisa compared to Rs 72.90 per litre of previous day.
Petrol price in Kolkata today: While Kolkata saw hike of 17 paisa in petrol prices to Rs 75.80 per litre as against previous day price of Rs 75.63 per litre.
Petrol price in Mumbai today: Petrol has remained four-year high in this city since start of 2018, and Thursday was the same, as the price stood at Rs 80.94 per litre up by 17 paisa as against Rs 80.77 per litre in previous day.
Petrol price in Chennai today: Unlike above mentioned three cities, Chennai saw higher increase in its petrol prices by 19 paisa and was valued at Rs 75.80 per litre versus previous day price of Rs 75.61 per litre.
Petrol price in other state capitals today: Petrol prices in Bengaluru stood at Rs 74.23 per litre, in Bhopal at Rs 78.60 per litre, Bhubaneswar at Rs 71.92 per litre, Chandigarh at Rs 70.28 per litre, Dehradun at Rs 75.11 per litre, Gandhinagar at Rs 72.41 per litre, Hyderabad at Rs 77.39 per litre, Jaipur at Rs 75.77 per litre, Lucknow at Rs 74.61 per litre, Patna at Rs 78.59 per litre, Raipur at Rs 73.54 per litre and Srinagar at Rs 77.49 per litre.
Moreover, Brent June crude futures settled 70 cents lower at $68.76 per barrel, while the front month May contract , which expires on Thursday, fell 58 cents, or 0.8 percent, to settle at $69.53 a barrel.
West Texas Intermediate (WTI) crude futures for May delivery fell 87 cents to $64.38 a barrel, a 1.3-percent loss.
US crude stockpiles rose as net imports soared by 1.1 million barrels per day, according to data from the US Energy Information Administration, as per Reuters report.
"Oil supplies at Cushing, Oklahoma are starting to replenish, which is bearish for prices, but they have a long way to go to near normal levels of supply," said John Kilduff, partner at energy hedge fund Again Capital LLC in New York said in the report.