Election Impact: Fresh Petrol, Diesel Prices On April 30? Check New Rates In Kolkata, Mumbai, Chennai, And More

Oil marketing companies are selling petrol and diesel at a loss of Rs 14 per litre and Rs 18 per litre, respectively, as elevated crude prices outpace capped retail fuel rates, squeezing marketing margins. Besides losses on petrol and diesel, the elevated energy prices post West Asia crisis are likely to leave companies with an under recovery of Rs 80,000 crore on cooking gas LPG in the current fiscal, s per rating agency ICRA.

Despite the losses, petrol and diesel prices across major Indian cities remained unchanged on April 30. 

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.

Additionally, rumours were rife on social media about the hike in fuel prices in the country, which prompted the Press Information Bureau's fact-check unit to deny the claims that the Central government has increased petrol and diesel prices.

"This order is #FAKE. The Government of India has NOT issued any such Order. Always VERIFY such news only through official government sources,” clarified the PIB Fact Check in its post on X. Earlier, the fake post, which was viral on social media spaces, had claimed that the petroleum ministry had hiked the prices of petrol and diesel by Rs 10 and Rs 12.5, respectively

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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

Oil prices climbed further on Thursday, with global benchmark Brent crude hovering around the $120-a-barrel mark, as geopolitical tensions between the U.S. and Iran showed little sign of easing. The rally reflects growing concerns that supply disruptions could persist longer than initially expected.

June futures for Brent crude rose nearly 2% to trade at $120 per barrel, while U.S. benchmark West Texas Intermediate (WTI) edged up to around $107. The move follows a sharp surge in the previous session, when Brent jumped about 6% and WTI rallied 7%.

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: Oil Firms Losing Rs 14/Litre On Petrol, Rs 18/Litre On Diesel As Crude Prices Soar

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