Petrol price in India today remains unchanged for second-day in a row; global crude steady
Currently, petrol prices in India is derived taking into consideration the Indian basket of international crude oil, involving state taxes like Value Added Tax (VAT), excise duty and other charges.
If we compare prices of Indian petrol and global crude oil, both are trending on an opposite direction today. Even as global crude prices steadies, the valuation of petrol prices in India has been kept unchanged for the second-consecutive day.
Here's how petrol prices have performed in major state capitals, as per Indian Oil Corp.
Petrol Price Today in Delhi: They have remained at Rs 72.39 per litre since yesterday.
Petrol Price in Kolkata: In this city, the product was valued at Rs 75.12 per litre for the day.
Petrol Price in Mumbai: The product has been staying at four-year high here since the start of 2018. On Thursday, petrol was available at Rs 80.26 per litre.
Petrol Price in Chennai: Just like the above mentioned cities, Chennai was also not far away, as petrol price remain unchanged at Rs 75.07 per litre.
Petrol price in other state capitals: Petrol prices in Bangalore stood at Rs 73.53 per litre, in Bhopal at Rs 78.18 per litre, Bhubaneswar at Rs 71.24 per litre, Chandigarh at Rs 69.62 per litre, Dehradun at Rs 74.57 per litre, Gandhinagar at Rs 71.99 per litre, Hyderabad at Rs 76.66 per litre, Jaipur at Rs 75.34 per litre, Lucknow at Rs 74.07 per litre, Patna at Rs 77.73 per litre, Raipur at Rs 72.86 per litre and Srinagar at Rs 76.82 per litre.
Meanwhile, Brent crude futures were at $64.46 per barrel at 0506 GMT, up 12 cents, or 0.2%, from their previous close. That slight rise came after a more-than-2% fall the previous day.
US West Texas Intermediate (WTI) crude futures were at $61.26 a barrel, up 11 cents, or 0.2%. WTI also fell by more than 2% the previous session.
Fawad Razaqzada, market analyst at futures brokerage Forex.com, in a Reuters report was quoted as saying, "Oil prices bounced back immediately after the release of the weekly oil inventories data from the Energy Information Administration ... (where) the headline figure was better than expected."
Also, the recovery came amid a US crude inventory build that was not as big as expected during the current seasonal demand lull at the end of winter, when many oil refineries shut down for maintenance, the report said.