Petrol price in India today up by 2 paisa; global crude tumbles

There is a reverse trend in international crude prices, as oil prices tumble on Tuesday. In India, the state-owned Oil companies have decided to increase petrol prices by 2 paisa each per litre in various state capitals. An inexorable rise in US crude output weighed on markets including US WTI and brent crude. 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 today: It was priced at Rs 72.47 per litre on Tuesday, up by 2 paisa compared to Rs 72.45 per litre of previous day. 

 
Petrol price in Kolkata today: Similarly, Kolkata also saw uptick in petrol prices by 2 paisa to Rs 75.20 per litre as against previous day price of Rs 75.18 per litre. 

 
Petrol price in Mumbai today: Petrol has remained four-year high in this city since start of 2018, and Tuesday was no different, as the price of this fuel stood at Rs 80.34 per litre higher by 2 paisa as against Rs 80.32 per litre in previous day. 

 
Petrol price in Chennai today: Just like above three mentioned cities, Chennai also saw 2 paisa hike in petrol and was valued at Rs 75.16 per litre versus previous day price of Rs 75.14 per litre. 

 
Petrol price in other state capitals today:  Petrol prices in Bengaluru stood at Rs 73.61 per litre, in Bhopal at Rs 78.26 per litre, Bhubaneswar at Rs 71.32 per litre, Chandigarh at Rs 69.70 per litre, Dehradun at Rs 74.63 per litre, Gandhinagar at Rs 72.07 per litre, Hyderabad at Rs 76.74 per litre, Jaipur at Rs 75.43 per litre, Lucknow at Rs 74.13 per litre, Patna at Rs 77.95 per litre, Raipur at Rs 72.94 per litre and Srinagar at Rs 76.90 per litre. 

US West Texas Intermediate (WTI) crude futures were at $61.25 a barrel at 0414 GMT, down 11 cents, or 0.2%, from their previous close. Brent crude futures were at $64.85 per barrel, down 10 cents, or 0.2%.
 
Both crude benchmarks dropped by around 1% in their Monday sessions.
 
"Oil prices fell on the back of concerns that surging US production ... could push inventories in the U.S. higher," ANZ bank said on Tuesday in a Reuters report.