Petrol price in India today; Rates in metro cities remain unchanged for third day in row
Petrol price in India today: The state-owned oil companies 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: Petrol price in India remained unchanged for third time in row on Wednesday in various state capitals, as the Indian state-owned oil companies have limited room to cut prices of petrol, even as global crude oil basket continues to edge higher. On the other hand, during the day, the international crude oil prices rose as support from the possibility of supply disruptions and a strong equities market offset the effects of profit-taking following last week`s rally above three-year highs.
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 was stood at Rs 74.02 per litre unchanged from the previous day price. With the current deduction, the petrol price in New Delhi came below Rs 74-mark, however, it stayed near six-year high.
Petrol price in Kolkata today: While in Kolkata petrol prices stood at Rs 76.73 per litre same as against previous day. Near 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 Tuesday, was the same, as the price stood at Rs 81.87 per litre unchanged from previous price. Near Rs 82 per litre-mark in Mumbai was last seen in March 2014.
Petrol price in Chennai today: This city has been witnessing major hike in the past few weeks, however, just like it's above mentioned cities, the petrol price was valued at Rs 76.79 per litre - same in comparison with previous day.
Petrol price in other state capitals today: Petrol prices in Bangalore stood at Rs 75.19 per litre, in Bhopal at Rs 79.56 per litre, Bhubaneswar at Rs 72.86 per litre, Chandigarh at Rs 71.18 per litre, Dehradun at Rs 75.85 per litre, Gandhinagar at Rs 73.34 per litre, Hyderabad at Rs 78.39 per litre, Jaipur at Rs 76.73 per litre, Lucknow at Rs 75.35 per litre, Patna at Rs 79.53 per litre, Raipur at Rs 74.46 per litre and Srinagar at Rs 78.41 per litre.
Moreover, Brent crude oil futures gained 16 cents to settle at $71.58 a barrel, while U.S. crude futures rose 30 cents to settle at $66.52. Brent has risen 1.8 percent so far this month. It hit a peak last week of $73.09, the highest since late 2014.
"It seems as though the volatility has, for the most part, dissipated and part of that can be attributed to the lack of escalation in the events over the weekend, and we have an S&P that`s a little bit stronger today," said Brian LaRose, technical analyst at United-ICAP, reported Reuters.
"The rally upwards was purely on geopolitical risk and if now we haven`t had any further stimulus, we`re seeing prices slip off a bit," Natixis commodities strategist Joel Hancock said in the report.