Petrol price in India today fell even as global crude sees uptick

Petrol price in India today: The state-owned Oil Companies decided to trim down petrol prices by 3 paisa each per litre, despite global crude oil prices rising on Monday on the  back of a drop in the number of U.S. rigs drilling to raise output. The prices of fuel products including petrol in India, is derived from international crude oil basket, plus states value added tax (VAT) and government's excise duty.  Thus tracking the global crude oil performance comes as an important factor for calculating final retail prices of petrol in various major state capitals in India. 

Petrol price in New Delhi today: This fuel product was priced at Rs 72.45 per litre on Monday, down by 3 paisa compared to Rs 72.48 per litre of previous day. 

Petrol price in Kolkata today: Similarly, Kolkata also saw uptick in petrol prices by 3 paisa to Rs 75.18 per litre as against previous day price of Rs 75.21 per litre. 

Petrol price in Mumbai today: Petrol has remained at four-year high in this city since start of 2018, and Monday was no different, as the price of this fuel stood at Rs 80.32 per litre lower by 3 paisa as against Rs 80.35 per litre in previous day. 

Petrol price in Chennai today: Just like above three mentioned cities, Chennai also saw 3 paisa hike in petrol and was valued at Rs 75.14 per litre versus previous day price of Rs 75.17 per litre. 

Petrol price in other state capitals today:  Petrol prices in Bengaluru stood at Rs 73.59 per litre, in Bhopal at Rs 78.24 per litre, Bhubaneswar at Rs 71.30 per litre, Chandigarh at Rs 69.68 per litre, Dehradun at Rs 74.62 per litre, Gandhinagar at Rs 72.05 per litre, Hyderabad at Rs 76.72 per litre, Jaipur at Rs 75.40 per litre, Lucknow at Rs 74.11 per litre, Patna at Rs 77.90 per litre, Raipur at Rs 72.92 per litre and Srinagar at Rs 76.88 per litre. 

U.S. West Texas Intermediate (WTI) crude futures were at $62.22 a barrel at 0102 GMT, up 18 cents, or 0.3%. Also, Brent crude futures were at $65.70 per barrel, up 21 cents, or 0.3%, from their previous close.

William O`Loughlin, investment analyst at Rivkin Securities said in a Reuters report, "A falling rig count and the strong employment data may have helped support prices."

As per the report, the U.S. economy added the biggest number of jobs in more than 1-1/2 years in February, with non-farm payrolls jumping by 313,000 jobs last month, the Labor Department said on Friday.

Going ahead, in oil markets, U.S. energy companies last week cut oil rigs for the first time in almost two months, with drillers cutting back four rigs, to 796, Baker Hughes energy services firm said on Friday.