Petrol price in India today rises by 24-25p; check rates in Delhi, Mumbai, Bengaluru, more
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: While you are already busy paying higher prices for petrol in India, looks like you will have to pay even more, because the global crude prices are just not ready to record any downward trend, and this has definitely made an impact on prices of fuel in India. On Monday, petrol prices in various state capital once again earmarked four-high trend, as this product was raised in the range of 24 paisa to 25 paisa per litre by state-owned Oil Companies. 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 in to consideration the international crude basket, plus state's Value Added Tax (VAT) and government's excise duty. Thus, if global crude prices registers uptrend, the impact will be recorded in Indian petrol prices, and today was no different, as the product surged by 4 paisa per litre each in various state capital.
Petrol price in New Delhi today: It was priced at Rs 72.79 per litre on Friday, higher by 24 paisa compared to Rs 72.55 per litre of previous day.
Petrol price in Kolkata today: Similarly, Kolkata also saw hike of 24 paisa in petrol prices to Rs 75.52 per litre as against previous day price of Rs 75.28 per litre.
Petrol price in Mumbai today: Petrol has remained four-year high in this city since start of 2018, and Monday was the same, as the price of this fuel stood at Rs 80.66 per litre up by 24 paisa as against Rs 80.42 per litre in previous day. This was the same range in first week of February 2018 - which was also last time recorded in 2014.
Petrol price in Chennai today: Unlik above three mentioned cities, Chennai saw much higher increase in their petrol prices by 25 paisa and was valued at Rs 75.49 per litre versus previous day price of Rs 75.24 per litre.
Petrol price in other state capitals today: Petrol prices in Bengaluru stood at Rs 73.94 per litre, in Bhopal at Rs 78.31 per litre, Bhubaneswar at Rs 71.64 per litre, Chandigarh at Rs 70.00 per litre, Dehradun at Rs 74.89 per litre, Gandhinagar at Rs 72.12 per litre, Hyderabad at Rs 77.08 per litre, Jaipur at Rs 75.48 per litre, Lucknow at Rs 74.38 per litre, Patna at Rs 78.31 per litre, Raipur at Rs 73.26 per litre and Srinagar at Rs 77.21 per litre.
In commodities, international Brent crude futures opened above $70 per barrel for the first time since January.Prices were lifted by expectations that OPEC-leader Saudi Arabia may extend supply cuts into 2019, as well as concerns that the United States may re-introduce sanctions against Iran.
Spot gold was flat at $1,346.71 an ounce, as per Reuters.
Also a PTI report highlighted that China launched yuan-denominated oil futures contracts today, marking the first time foreign investors will have access to Chinese commodity futures as the world's top crude importer seeks greater influence over global prices.