Petrol price in India today down by 2 paisa; global crude stable
Tracking the global crude oil performance comes as an important factor for calculating final retail prices of petrol in various major state capitals of India.
The state-owned oil companies today decided to decrease petrol prices by 2 paisa each per litre in various state capitals, despite global crude prices remaining stable during the day because of healthy global demand. The relentless rise in US production, however, is undermining efforts led by producer cartel OPEC to cut supplies and prop up markets. Tracking the global crude oil performance comes as an important factor for calculating final retail prices of petrol in major state capitals of India.
Petrol price in New Delhi: It was priced at Rs 72.45 per litre, down by 2 paisa, compared to Rs 72.47 per litre of previous day.
Petrol price in Kolkata: Similarly, Kolkata also saw downward trend in petrol prices by 2 paisa to Rs 75.18 per litre as against previous day price of Rs 75.20 per litre.
Petrol price in Mumbai: Petrol remained four-year high in this city since start of 2018, and Thursday was no different, as the price of this fuel product stood at Rs 80.32 per litre, below 2 paisa, as against Rs 80.34 per litre of the previous day.
Petrol price in Chennai: Just like above three mentioned cities, Chennai also saw 2 paisa tumble in petrol and was valued at Rs 75.14 per litre versus previous day price of Rs 75.16 per litre.
Petrol price in other state capitals: Petrol prices in Bengaluru stood at Rs 73.59 per litre, in Bhopal at Rs 78.24 per litre, Bhubaneswar at Rs 71.30 per litre, Chandigarh at Rs 69.68 per litre, Dehradun at Rs 74.62 per litre, Gandhinagar at Rs 72.05 per litre, Hyderabad at Rs 76.72 per litre, Jaipur at Rs 75.40 per litre, Lucknow at Rs 74.11 per litre, Patna at Rs 77.95 per litre, Raipur at Rs 72.92 per litre and Srinagar at Rs 76.88 per litre.
US West Texas Intermediate (WTI) crude futures rose 7 cents, or 0.1 percent, to $61.03 a barrel by 0518 GMT. Brent crude futures were at $64.90 per barrel, up 1 cent from their last close.
Reuters technical commodity analyst Wang Tao said market signals for Brent pointed to a continuation of recent sideways movements, and added that technical chart indicators were "indicating the current sideways move may end very soon."
The Organization of the Petroleum Exporting Countries (OPEC) in Reuters report said on Wednesday that oil consumption was expected to grow by 1.62 million barrels per day (bpd) in 2018.