Petrol price in India today rises by 4 to 5 paisa; global crude edges up
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.
Following global crude basket, petrol price in India were increased in the range of 4 to 5 paisa each per litre on Friday by the state-owned oil companies. There is an uptrend in global crude futures, as Asian markets gained on reports that North Korea leader Kim Jong Un will be meeting with US President Donald Trump.
Here's how petrol prices have performed in major state capitals, as per Indian Oil Corp.
Petrol Price Today in New Delhi: This fuel product rose by 4 paisa in New Delhi, and was available at Rs 72.43 per litre compared to previous day price of Rs 72.39 per litre.
Petrol Price in Kolkata: Similarly, it surged by 4 paisa to Rs 75.16 per litre for the day, as against previous day price of Rs 75.12 per litre.
Petrol Price in Mumbai: Since the start of 2018, petrol has stayed four-year high here. On Friday, petrol was available at Rs 80.30 per litre - higher by 4 paisa compared to previous day price of Rs 80.26 per litre.
Petrol price in Chennai: Like the above mentioned cities, Chennai was also not far away, as petrol price here was hiked by 5 paisa to Rs 75.12 per litre as against previous day price of Rs 75.07 per litre.
Petrol price in other state capitals: Petrol prices in Bangalore stood at Rs 73.57 per litre, in Bhopal at Rs 78.22 per litre, Bhubaneswar at Rs 71.28 per litre, Chandigarh at Rs 69.66 per litre, Dehradun at Rs 74.60 per litre, Gandhinagar at Rs 72.03 per litre, Hyderabad at Rs 76.70 per litre, Jaipur at Rs 75.38 per litre, Lucknow at Rs 74.10 per litre, Patna at Rs 77.79 per litre, Raipur at Rs 72.90 per litre and Srinagar at Rs 76.86 per litre.
Meanwhile, Brent crude futures were at $63.95 per barrel at 0102 GMT, up 34 cents, or 0.5%, from their previous close.
US West Texas Intermediate (WTI) crude futures were at $60.39 a barrel, up 27 cents, or 0.45%. WTI also fell by more than 2 percent the previous session.
According to Reuters report, the US Presidents and North Korean leader are likely to meet by May as Kim has pledged to refrain from further nuclear or missile tests.
The news lifted Asian stocks markets, and pulled crude oil futures along with them, traders said in the report.
"Beyond geopolitics, oil markets were mainly concerned with soaring output from the United States , which has risen by 23 percent since mid-2016, to 10.37 million barrels per day (bpd)," the report added.