Petrol and diesel prices across major Indian cities remained unchanged on April 28. This move comes even as oil prices held firm at elevated levels as the US assessed a fresh proposal from Iran, even as the Strait of Hormuz remained effectively shut, keeping global supply concerns intact.
In the national capital, petrol is still selling at Rs 94.77 per litre, while diesel is priced at Rs 87.67 per litre. Rates are comparatively steeper in Mumbai, where petrol is being sold at Rs 103.50 per litre and diesel at about Rs 90.01 per litre. With state elections ongoing, the government may prefer to keep auto fuels under control.
A potential hike in petrol and diesel prices may be on the horizon, with brokerage firm Emkay Global Financial Services warning that continued disruptions linked to the Strait of Hormuz could force the government to act. The brokerage expects a first round of price hikes of around Rs 10 per litre, although it noted this would only partially offset losses faced by oil marketing companies (OMCs).
ALSO READ: Petrol, Diesel Price Hike Imminent? Emkay Sees 'Rs 10/Litre Increase In First Round'
| City | Petrol (Rs/Litre) | Diesel (Rs/Litre) |
|---|---|---|
| Delhi | 94.77 | 87.67 |
| Mumbai | 103.54 | 90.03 |
| Kolkata | 105.45 | 92.02 |
| Chennai | 100.84 | 92.39 |
| Ahmedabad | 94.49 | 90.16 |
| Hyderabad | 107.46 | 95.70 |
| Patna | 105.71 | 91.49 |
| Bengaluru | 102.96 | 90.99 |
| Lucknow | 95.34 | 88.50 |
ALSO READ: Brent Crude Holds Steady At $108 As US Weighs Iran Proposal, Hormuz Stays Shut
What Drives Petrol and Diesel Prices?
Fuel prices in India depend on several factors, with global crude oil prices being the most significant as crude is the primary raw material used to produce petrol and diesel.
The rupee–dollar exchange rate also influences fuel prices since India imports a large portion of its crude oil requirements.
Additionally, central excise duty and state-level VAT significantly affect the final retail price of petrol and diesel, which is why rates differ across cities.
Get all the latest updates on the US, Israel-Iran war here.
Global Oil Prices
Brent crude for June settlement was unchanged at $108.23 a barrel, with the more active July contract at $101.95, while WTI for June delivery rose 0.3% to $96.65. The benchmarks have climbed sharply in recent sessions as traders price in prolonged disruption.
Despite a ceasefire largely holding since early April, the dual blockade enforced by both Iran and the US has reduced traffic through Hormuz to near zero. The chokepoint, which typically carries about a fifth of global oil and LNG flows, has seen an unprecedented drop in shipments.
Prices of commercial LPG were hiked by Rs 195.50 on April 1, on the back of surge in global crude oil prices linked to the escalating Middle East conflict. A 19-kg commercial LPG now costs Rs 2,078.50 in Delhi, according to state-owned oil companies. Commercial liquefied petroleum gas rates were last increased by Rs 114.5 per 19-kg cylinder on March 1.
Domestic cooking gas LPG rates, which were last hiked by Rs 60 per 14.2-kg cylinder on March 7, remain unchanged, according to news agency PTI. It costs Rs 913 per 14.2-kg cylinder in Delhi.
ALSO READ: Fuel Price Freeze: Rs 18/Litre Loss On Petrol, Rs 35 On Diesel
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