India Markets open in 41 mins

Petrol Prices in India Remains Flat Despite Strong Global Crude Gains

Archana L

The petrol prices in India remained flat despite crude edging up in the global markets amidst signs of tighter global supply. The petrol rates in India were seen trading at Rs 72.93 per litre in New Delhi, Rs 74.95 per litre in Kolkata, Rs 78.50 per litre in Mumbai and at Rs 75.69 per litre in Chennai.

In the global scenario, the crude benchmark - Brent was seen trading at $71.97 per barrel, up by 0.49% and West Texas Intermediate (WTI) was recorded at $64.07 per barrel, up by 0.31%.

The decline in the shipment of crude from Saudi Arabia added with a fall in the U.S. oil inventories supported crude prices in the global markets. The rallying equities across the globe and strong dollar kept the trading crude futures in a narrow range. The U.S. currency edged up on strong retail sales data. A mighty U.S. dollar makes crude expensive for holders of other currencies.

The crude exports from Saudi Arabia slipped by 2,77,000 barrels per day (bpd) as per the data from the Joint Organizations Data Initiative. Emerging strong data from the U.S. and China has helped the crude prices to rally up as the concerns surrounding slow down of the global economy is fading eventually.

In India, the ongoing Parliamentary Elections has kept the fuel prices constant despite its rise in the global markets.

Also Read:

OMCs Rise After Crude Falls On Recession Concerns

Petrol Prices In India Remains Unmoved

India's December WPI Comes Lower At 3.8%; Sharp Drop In Fuel Rates Help