Petrol price in India today up by 4-6 paisa; New Delhi, Kolkata, Chennai see most hike, check other cities
Petrol price in India today: The government has asked OMCs to absorb Rs 1 rupee per litre price hike, while ruling out excise duty cut to lower oil prices.
Petrol price in India today: The state-owned oil companies have limited room to cut prices of petrol, as global crude oil basket continues to edge higher. Thus, the oil companies once again have hiked the price of the product in the range of 4 paisa to 6 paisa each per litre in various state capitals of India on Sunday. Also recently, the government has asked OMCs to absorb Rs 1 rupee per litre price hike, while ruling out excise duty cut to lower oil prices.
OMCs 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 73.98 per litre, above 5 paisa from the previous day price of Rs 73.93. With the current hike, the petrol price in New Delhi came near Rs 74-mark - staying near six-year high.
Petrol price in Kolkata today: While in Kolkata petrol prices stood at Rs 76.69 per litre, also higher by 5 paisa as against Rs 76.64 per litre of previous day. Near Rs 77-mark was last seen in May 2012.
Petrol price in Mumbai today: The petrol price in this city was hiked at lower rate compared to that of other metro cities. The product has remained four-year high in this city since start of 2018, and Sunday was the same, as the price stood at Rs 81.83 per litre - up by 4 paisa from previous day prices of Rs 81.79 per litre. Near Rs 82 per litre-mark in Mumbai was last seen in March 2014.
Petrol price in Chennai today: Unlike above mentioned metro cities, Chennai has been witnessing major hike in the past few weeks, and today was no different, the petrol price here was valued at Rs 76.75 per litre - above 6 paisa in comparison with previous day prices of Rs 76.69 per litre.
Petrol price in other state capitals today: Petrol prices in Bengaluru stood at Rs 75.15 per litre, in Bhopal at Rs 79.52 per litre, Bhubaneswar at Rs 72.82 per litre, Chandigarh at Rs 71.14 per litre, Dehradun at Rs 75.82 per litre, Gandhinagar at Rs 73.30 per litre, Hyderabad at Rs 78.35 per litre, Jaipur at Rs 76.69 per litre, Lucknow at Rs 75.32 per litre, Patna at Rs 79.49 per litre, Raipur at Rs 74.43 per litre and Srinagar at Rs 78.37 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, on Friday, the international oil prices surged,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.
Reportedly, 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.