Petrol and diesel prices across major Indian cities remained unchanged on April 10, even as global crude oil benchmarks extended gains, trading near $97 per barrel, after attacks on Saudi energy infrastructure cut production capacity, even as prices remain on track for their worst weekly drop since June.
State-run oil marketing companies, including Indian Oil Corporation Ltd and Bharat Petroleum Corporation Ltd, have hiked the price of industrial diesel by Rs 28.22 per litre, a 25% increase, to Rs 137.81 per litre. This applies to high-speed diesel sold in bulk to commercial and industrial establishments.
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 approaching, the government may prefer to keep auto fuels under control.
In a first since fuel price deregulation, Indian state-run oil marketing companies will pay refineries a discounted price for petrol, diesel, aviation turbine fuel (ATF) and kerosene to limit mounting losses from a self-imposed freeze on retail fuel prices, sources said.
ALSO READ: India OMCs To Pay Discounted Rates To Refiners Amid Fuel Price Freeze
| 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 Near $97 After Saudi Output Hit By Attacks, But Set For Worst Week Since June
Global Oil Prices
Brent crude extended gains on Friday, trading near $97 per barrel, after attacks on Saudi energy infrastructure cut production capacity, even as prices remain on track for their worst weekly drop since June.
The global benchmark rose about 1.2% in the previous session amid choppy trading, while US West Texas Intermediate crude traded above $98 per barrel. Despite the rebound, Brent is still down more than 10% this week following the ceasefire announced by the United States and Iran earlier this week.
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. State-owned oil marketing companies Indian Oil Corporation, Bharat Petroleum, and Hindustan Petroleum revise ATF and LPG prices on the first day of every month based on international benchmarks and the exchange rate.
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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