Petrol price in Mumbai again at 4-year high; other cities see rise today
From February 8, petrol prices were reduced at lower-space by state-owned oil companies, however, in the start of March 2018, this petro-product has once again started seeing uptick in many cities.
Following global crude price, which rose early on Monday ahead of OPEC meet, petrol price in India also saw uptrend with Mumbai once again reaching at four-year high.
If compared with previous day prices, petrol prices in Mumbai stood at Rs 80.19 per litre on Monday, a trend which was last seen in August 2014. On March 4, the product in this city was valued at Rs 80.13 per litre, therefore, it has risen by 6 paisa per litre today.
Other metro cities like New Delhi, Kolkata and Chennai also saw 6 paisa per litre each rise on the day, compared to their previous day prices.
Petrol was valued at Rs 72.32 per litre in New Delhi, Rs 75.06 per litre in Kolkata, and Rs 75 per litre in Chennai. On March 4, these three cities saw petrol at Rs 72.26 per litre, Rs 75 per litre and Rs 74.94 per litre respectively.
Meantime, non-branded petrol prices today in other state capitals like Bangalore stood at Rs 73.46 per litre, Bhopal at Rs 78.10 per litre, Bhubhaneshwar at Rs 71.17 per litre, Chandigarh at Rs 69.55 per litre, Dehradun at Rs 74.52 per litre, Gandhinagar at Rs 71.92 per litre, Hyderabad at Rs 76.58 per litre, Lucknow at Rs 74.01 per litre, Patna at Rs 77.61 per litre, Raipur at Rs 72.80 per litre and Srinagar at Rs 76.75 per litre.
Here's how the final retail price of petrol is derived in above mentioned cities for Monday, as per Indian Oil Cop.
Moreover, International benchmark Brent crude was up 44 cents, or 0.68%, at $64.81 a barrel by 0135 GMT.
US West Texas Intermediate (WTI) crude rose 41 cents, or 0.67%, to $61.66 per barrel.
Oil prices rose ahead of a meeting between OPEC and US shale firms in Houston, raising expectations that oil producers would discuss further how to clear a global oil glut, as per Reuters.
Oil ministers from the Organization of the Petroleum Exporting Countries (OPEC) and other global oil players
are set to gather in Houston as CERAWeek, the largest energy industry conference, begins on Monday.