Petrol price in India today down by 8-9 paisa; global crude tumbles

The state-owned oil companies today decided to decrease petrol prices in the range of 8 to 9 paisa each per litre in various state capitals, following global crude prices, which were set to drop this week, as both benchmarks tumbled slightly on Friday, on concerns among investors over rising supply from the US and other nations threatening to undermine efforts by OPEC and other producers to tighten the market. Tracking the global crude oil performance comes as an important factor for calculating final retail prices of petrol in major state capitals of India. 
 
Petrol price in New Delhi: It was priced at Rs 72.37 per litre, down by 8 paisa, compared to Rs 72.45 per litre of previous day. 

 
Petrol price in Kolkata: Similarly, Kolkata also saw downward trend in petrol prices by 8 paisa to Rs  75.10 per litre as against previous day price of Rs 75.18 per litre. 

Petrol price in Mumbai: Petrol remained four-year high here since start of 2018, and Friday was no different, as the price of this fuel product stood at Rs 80.24 per litre, below 8 paisa, as against Rs 80.32 per litre of the previous day. 

 
Petrol price in Chennai: With a drop of 9 paisa, petrol here was valued at Rs 75.05 per litre versus previous day price of Rs 75.14 per litre. 

 
Petrol price in other state capitals:  Petrol prices in Bengaluru stood at Rs 73.51 per litre, in Bhopal at Rs 78.15 per litre, Bhubaneswar at Rs 71.22 per litre, Chandigarh at Rs 69.60 per litre, Dehradun at Rs 74.56 per litre, Gandhinagar at Rs 71.97 per litre, Hyderabad at Rs 76.64 per litre, Jaipur at Rs 75.32 per litre, Lucknow at Rs 74.05 per litre, Patna at Rs 77.89 per litre, Raipur at Rs 72.84 per litre and Srinagar at Rs 76.80 per litre. 

West Texas Intermediate (WTI) oil futures for April delivery fell 3 cents, or 0.1%, to $61.16 a barrel at 0354 GMT, after settling up 23 cents on Thursday. WTI is set to fall 1.4% this week, reversing the previous week`s 1.3% gain. 
 
Brent crude futures trading in London fell 7 cents to $65.05 a barrel after settling up 23 cents. Brent is down 0.7% for the week.
 
Several reports this week renewed investors’ focus on the potential for rising supply to overwhelm the expected gains in crude demand for 2018, reported Reuters.