Petrol price today remains unchanged, at 4-year high today despite global crude slips

While global crude oil saw decline on Wednesday's trading session, the state-owned Oil companies in India kept petrol prices unchanged at four-year high on the day in major state capitals like New Delhi, Mumbai, Kolkata, Chennai and others. 
 
In Mumbai, petrol stood at Rs 80.26 per litre on Wednesday, followed by in New Delhi at Rs 72.39 per litre, Kolkata at Rs 75.12 per litre and Chennai at Rs 75.07 per litre. 
 
If we compare previous day prices, petrol stood at similar range on March 6, 2018. The prices of petrol have started increased from last week. 
 
Prices of petrol on Wednesday, in other state capitals like Bangalore stood at Rs 73.53 per litre, in Bhopal at Rs 78.18 per litre, Bhubhaneswar at Rs 71.24 per litre, Chandigarh at Rs 69.62 per litre, Dehradun at Rs 74.57 per litre, Gandhinagar at Rs 71.99 per litre, Hyderabad at Rs 76.66 per litre, Jaipur at Rs 75.34 per litre, Lucknow at Rs 74.07 per litre, Patna at Rs 77.70 per litre, Raipur at Rs 72.86 per litre and Srinagar at Rs 76.82 per litre. 
 
Moreover, international oil prices were pulled down by weaker stock markets after a key advocate for free trade in the US government resigned, stoking concerns Washington will go ahead with import tariffs and risk a trade war.
 
Soaring US crude oil production and rising inventories also dragged on crude prices, traders said in a Reuters report. 
 
Brent futures down 51 cents, or 0.8%, from their previous close at $65.28 per barrel at 0414 GMT.
 
US West Texas Intermediate (WTI) crude futures were at $62.13 a barrel, down 47 cents, or 0.75%. 
 
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.