After prices of petrol and diesel were hiked by Rs 3 per litre on Friday, everyone is bracing for a second round of hikes after the rally in global oil prices continued due to ongoing conflict in the Middle East. However, oil marketing companies have not made any indication so far.
Despite Brent crude climbing to $110, petrol and diesel prices have stayed laregely unchanged. (check table below)
In the national capital, petrol is still selling at Rs 97.77 per litre, while diesel is priced at Rs 90.67 per litre. Rates are comparatively steeper in Mumbai, where petrol is being sold at Rs 106.68 per litre and diesel at about Rs 93.14 per litre.
Last week, Petroleum Minister Hardeep Singh Puri on Tuesday said public sector oil marketing companies may not be able to sustain daily losses of Rs 1,000 crore from selling petrol and diesel below market price. Even the RBI Governor said, “If this is to continue for longer period of time, it is just a matter of time before the government will pass on some of the price increases,”.
| City | Petrol (Rs/Litre) | Diesel (Rs/Litre) |
|---|---|---|
| Delhi | 97.77 | 90.67 |
| Mumbai | 106.68 | 93.14 |
| Kolkata | 108.70 | 92.02 |
| Chennai | 103.67 | 95.25 |
| Chandigarh | 97.27 | 85.25 |
| Hyderabad | 110.89 | 98.96 |
| Jaipur | 107.61 | 92.90 |
| Bengaluru | 106.17 | 94.10 |
| Lucknow | 97.72 | 91.01 |
Global Oil Prices
Oil prices rose for a third straight session after US President Donald Trump renewed pressure on Iran to accept a deal that could bring an end to weeks of conflict and restore traffic through the Strait of Hormuz. Brent crude advanced above $110 a barrel after gaining nearly 8% last week, while West Texas Intermediate approached $107.
The latest move adds to an extraordinary rally that has seen oil prices surge more than 50% since the US and Israel launched strikes on Iran at the end of February.
In a social media post on Sunday, Trump sharpened his tone. “For Iran, the Clock is Ticking, and they better get moving, FAST, or there won't be anything left of them. TIME IS OF THE ESSENCE!”
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.
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