Everyone has been bracing for a change in petrol and diesel prices, especially as global oil prices swung sharply in the previous session. Despite losses incurred by oil marketing companies, petrol and diesel prices across major Indian cities changed marginally on May 8, falling with the difference of a few paise.
Bangalore, Patna, Lucknow, Ahmedabad specifically saw a change of a few paise in petrol or diesel prices. (check table below)
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.
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.
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| City | Petrol (Rs/Litre) | Diesel (Rs/Litre) |
|---|---|---|
| Delhi | 94.77 | 87.67 |
| Mumbai | 103.50 | 90.03 |
| Kolkata | 105.45 | 92.02 |
| Chennai | 100.90 | 92.48 |
| Ahmedabad | 94.70 | 90.38 |
| Hyderabad | 107.50 | 95.70 |
| Patna | 105.74 | 91.67 |
| Bengaluru | 102.96 | 90.99 |
| Lucknow | 94.57 | 87.81 |
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 futures gained 3% to hit $102.7 per barrel in early trade while the US West Texas Intermediate oil prices were trading up 2.58% or $2.45, at $97.26 a barrel, after initially gaining more than 3%.
Despite mounting pressure to raise fuel prices amid the Iran war disruption, the central government has decided to keep the domestic LPG rates unchanged. It costs Rs 913 per 14.2-kg cylinder in Delhi.
However, the price of commercial LPG (19 kg) has been increased by Rs 993 (on average). Commercial LPG cylinder prices in Delhi are now at Rs 3,071.50 (from Rs 2,078.50 earlier). Similarly, commercial LPG cylinder prices in Mumbai have been raised from Rs 2,031 to Rs 3,024.
Significantly, the price of a 19-kg commercial LPG cylinder has been increased thrice since February 28 when the Iran war began. It was first increased by Rs 144 in March, followed by another hike of nearly Rs 200 on April 1.
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