Petrol price in India today up by 2 paisa; Check rates in metro cities
Petrol price in India today: The state-owned oil companies have limited room to cut prices of fuel as global crude oil basket continues to edge higher.
Petrol price in India today: After making reduction in petrol prices during previous day, the Indian state-owned oil companies have once again hiked the price of the product by 2 paisa each per litre in various state capitals of India. The state-owned oil companies have limited room to cut prices of petrol, as global crude oil basket continues to edge higher. The international oil prices surged on Friday, making the largest weekly gain since July, supported by concerns about the possibility of Western military action in Syria and reports of dwindling global oil inventories.
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 73.93 per litre, down by 2 paisa from the previous day price of Rs 73.91. 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 76.64 per litre, also below 2 paisa as against Rs 76.62 per litre of previous day.
Petrol price in Mumbai today: Petrol has remained four-year high in this city since start of 2018, and Saturday was the same, as the price stood at Rs 81.79 per litre - down by 2 paisa from previous day prices of Rs 81.77 per litre. 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 on Saturday, the petrol price was valued at Rs 76.69 per litre - lower by 2 paisa in comparison with previous day prices of Rs 76.67 per litre.
Petrol price in other state capitals today: Petrol prices in Bengaluru stood at Rs 75.10 per litre, in Bhopal at Rs 79.47 per litre, Bhubaneswar at Rs 72.77 per litre, Chandigarh at Rs 71.10 per litre, Dehradun at Rs 75.78 per litre, Gandhinagar at Rs 73.25 per litre, Hyderabad at Rs 78.29 per litre, Jaipur at Rs 76.64 per litre, Lucknow at Rs 75.28 per litre, Patna at Rs 79.44 per litre, Raipur at Rs 74.38 per litre and Srinagar at Rs 78.32 per litre.
Moreover, Brent crude recovered from losses early in the session and settled up 56 cents at $72.58 a barrel, with a $5.48 weekly gain, or 8 percent. U.S. West Texas Intermediate (WTI) crude futures rose 32 cents to $67.39 a barrel, up 8 percent for the week.
According to Reuters report, the prospect of military action in Syria that could lead to confrontation with Russia hung over the Middle East but there was no sign a U.S.-led attack was imminent.
Traders sought to lock in long crude oil positions ahead of the weekend, said John Kilduff, Partner at hedge fund Again Capital Management in the report.