Petrol prices in Delhi, Kolkata, Chennai give no relief; Mumbai rate near Rs 83 per litre-mark
Petrol price in India today: The OMCs decide the final retail petrol price by taking into consideration the international crude basket, plus states’ Value Added Tax (VAT) and the government's excise duty.
Petrol price in India today: Where international crude tumbled on Wednesday, the state-owned oil companies decided to keep rates of petrol price unchanged in various state capitals in India. Today, international crude oil prices fell back from more than three-year highs reached the previous session as rising U.S. fuel inventories and production weighed on an otherwise bullish market.
The 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 states’ Value Added Tax (VAT) and the government's excise duty.
Petrol price in New Delhi today: The petrol price here stood at Rs 74.63 per litre unchanged from previous day. The petrol price in New Delhi is at six-year high.
Petrol price in Kolkata today: While in Kolkata, petrol price stood at Rs 77.32 per litre. Over Rs 77 per litre mark was last witnessed in May 2012.
Petrol price in Mumbai today: Petrol has remained four-year high in this city since start of 2018, and Wednesday was the same, as the price stood at Rs 82.48 per litre same as on previous day. The near Rs 82 per litre-mark here was last seen in March 2014.
Petrol price in Chennai today: The petrol price here was priced at Rs 77.43 paisa similar versus previous day prices. The price in Chennai has touched Rs 77 per litre mark which was last seen in May 2012.
Petrol price in other state capitals today: Petrol prices in Bangalore stood at Rs 75.82 per litre, in Bhopal at Rs 80.18 per litre, Bhubaneswar at Rs 73.46 per litre, Chandigarh at Rs 71.77 per litre, Dehradun at Rs 76.33 per litre, Gandhinagar at Rs 73.94 per litre, Hyderabad at Rs 79.04 per litre, Jaipur at Rs 77.32 per litre, Lucknow at Rs 75.83 per litre, Patna at Rs 80.13 per litre, Raipur at Rs 75.06 per litre and Srinagar at Rs 79.00 per litre.
Moreover, Brent crude oil futures were at $73.74 per barrel at 0238 GMT, down 12 cents from their last close and over $1.7 below the November-2014 high of $75.47 a barrel reached the previous day.
U.S. West Texas Intermediate (WTI) futures were down 7 cents at $67.63 per barrel. That was also off the late-2014 highs of $69.56 a barrel marked earlier in April.
According to Reuters report, despite Wednesday`s dips, which traders said were also a result of profit-taking after Tuesday`s highs, many analysts say the period of oversupply that started in 2014 has now ended due to supply disruptions and also strong demand.