New Delhi: Crude oil prices in the international market have been volatile for some time, a trend that could impact petrol and diesel prices. Indian oil companies had raised fuel prices a few days ago, and there is speculation that rates might change again. However, on Monday, the first day of the trading week,k Indian oil companies kept petrol and diesel prices unchanged.
This means there has been no revision in fuel prices. If you are planning a road trip during the monsoon season, it is advisable to check the city-wise rate per litre before filling up your tank; this will clear up any confusion regarding the prices.
Check petrol and diesel prices in these cities.
In the national capital, New Delhi, petrol prices remain above the ₹100 mark. Petrol is priced at ₹102.12 per litre, while diesel is trading at ₹95.20 per litre. In Mumbai, the capital of Maharashtra, petrol is priced above ₹110 per litre, while diesel is trading at ₹99.82 per litre.
These rates are higher than those in Delhi. Meanwhile, in other major cities such as Bengaluru, Hyderabad, and Kolkata, petrol prices exceed ₹110 per litre. Diesel prices in these cities are below ₹100, except in Hyderabad, where the rate stands at ₹103.73 per litre.
What is the impact of a drop in crude oil prices?
Did you know that global crude oil prices directly influence petrol and diesel rates? India imports a significant portion of its crude oil requirements. Consequently, domestic fuel prices are determined based on global crude oil rates.
Looking at last week’s trends, the price of crude oil did see a slight decline. The market has found some relief following the easing of tensions after the US-Iran conflict and the prospect of shipping resuming through the Strait of Hormuz. However, there has been no change in petrol and diesel prices in the domestic market.
Why do prices vary across different cities?
It is worth noting that petrol and diesel prices in India are not determined solely by the cost of crude oil. Factors such as central and state government taxes, transportation costs, and local supply-demand dynamics also influence the final price. This is why petrol and diesel prices differ across cities like Delhi, Mumbai, Kolkata, Chennai, Hyderabad, and Bengaluru on the same day.
Indian petroleum companies release petrol and diesel prices daily at 6 AM. These prices are released in the morning even on Sundays, the weekly holiday.
