New Delhi
On Monday, where international oil market dropped, the Indian state-owned oil companies continued to hike the price of petrol by 4 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. Today, global crude oil fell 1% as markets opened following western air strikes in Syria over the weekend, while a rise in U.S. drilling for new production also dragged on prices.
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 74.02 per litre, up by 4 paisa from the previous day price of Rs 73.98. 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 76.73 per litre, also higher by 4 paisa as against Rs 76.69 per litre of previous day. Near Rs 77 per litre mark was last witnessed in May 2012.
Petrol price in Mumbai today: Petrol has remained four-year high in this city since start of 2018, and Monday, was the same, as the price stood at Rs 81.87 per litre – up by 4 paisa from previous day prices of Rs 81.83 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, and following above mentioned cities, the petrol price here was valued at Rs 76.79 per litre – above by 4 paisa in comparison with previous day prices of Rs 76.75 per litre.
Petrol price in other state capitals today: Petrol prices in Bangalore stood at Rs 75.19 per litre, in Bhopal at Rs 79.56 per litre, Bhubaneswar at Rs 72.86 per litre, Chandigarh at Rs 71.18 per litre, Dehradun at Rs 75.85 per litre, Gandhinagar at Rs 73.34 per litre, Hyderabad at Rs 78.39 per litre, Jaipur at Rs 76.73 per litre, Lucknow at Rs 75.35 per litre, Patna at Rs 79.53 per litre, Raipur at Rs 74.46 per litre and Srinagar at Rs 78.41 per litre.
Moreover, Brent crude oil futures were at $71.85 per barrel at 0547 GMT, down 73 cents, or 1 percent, from their last close. U.S. West Texas Intermediate (WTI) crude futures were down 57 cents, or 0.9 percent, at $66.82 a barrel.
According to Reuters report, Traders said markets in Asia began cautiously after the weekend strikes, with some relief that the move looked unlikely to escalate.”
In the wake of the coordinated attack on Syria, oil prices are significantly lower … (but) the impact appears to be compact and over,” said Sukrit Vijayakar, director of energy consultancy Trifecta in the report.
