Mumbai: With PSU oil marketing companies increasing the prices of petrol and diesel by 16 paise and 19 paise per litre, fuel prices are now up for a tenth successive day and are at new highs. In Delhi, petrol now costs costs Rs 79.31 a litre, while in Mumbai, Chennai and Kolkata, the price is now Rs 86.72, Rs 82.41 and 82.22, respectively. Diesel now costs Rs 71.34 a litre in Delhi, the cost in Mumbai is 75.74 a littre. In Chennai diesel costs Rs 75.39 per litre and in Kolkata it costs 74.19 a litre.
Among the shares from the BSE Oil & Gas index, except Reliance Industries, which is up 1.35%, others are down in negative territory. IGL, Petronet and Castrol India are down 2.4% - 2.7%.
Hindustan Petroleum Corporation is declining 2.1%, BPCL is down 1.7% and Indian Oil Corporation is trading lower by 1.2%. GAIL India is down 1.6%, while Oil India and ONGC are modestly lower.
Airlines stocks are down shaply due to rising aviation fuel prices. InterGlobe Aviation is lower by about 2.4%, Jet Airways is down 2.5% and SpiceJet is down nearly 1%. All these stocks are trading near their 52-week lows and further rise in fuel prices could well see these stocks drifting further down south.
Crude oil futures for October delivery moved past $70 a barrel on reports Anadarko Petroleum Corp evacuated and shut production at two of its oil platforms in the Gulf of Mexico, ahead of the approach of hurricane Gordon.
While many international shippers have reportedly stopped loading Iranian oil as U.S.' financial sanctions against Iran prohibit them from insuring their cargoes, India has allowed state run refiners to import Iranian oil, provided Tehran is ready to arange and insure tankers.
China is also continuing to purchase Iranian oil, by utilising the vessels owned by National Iranian Tanker Co.
Some leading brokerages and analysts expect crude oil prices to reach $80 and move beyond as well in the short term. However, many feel global crude supply may exceed demand going forward, as trade disputes between the U.S. and China and other major economies might result in a drop in demand for crude oil.
|State Capitals (Applicable from 6:00 a.m. on 04-09-2018)||Petrol Current Price(Per Lt)||Petrol Previous Price(Per Lt)||Change(Rs)|
|Petrol price in New Delhi||Rs.79.15||Rs.78.84||0.31|
|Petrol price in Kolkata||Rs.82.06||Rs.81.76||0.30|
|Petrol price in Mumbai||Rs.86.56||Rs.86.25||0.31|
|Petrol price in Chennai||Rs.82.30||Rs.81.93||0.37|
|Petrol price in Gurgaon||Rs.79.77||Rs.79.27||0.50|
|Petrol price in Noida||Rs.79.44||Rs.79.19||0.25|
|Petrol price in Bangalore||Rs.81.72||Rs.81.40||0.32|
|Petrol price in Bhubaneswar||Rs.77.90||Rs.77.60||0.30|
|Petrol price in Chandigarh||Rs.76.21||Rs.75.91||0.30|
|Petrol price in Hyderabad||Rs.83.92||Rs.83.59||0.33|
|Petrol price in Jaipur||Rs.82.49||Rs.81.72||0.77|
|Petrol price in Lucknow||Rs.79.23||Rs.66.78||12.45|
|Petrol price in Patna||Rs.85.36||Rs.85.17||0.19|
|Petrol price in Trivandrum||Rs.82.62||Rs.82.30||0.32|