State‑run oil marketing companies have kept petrol and diesel prices unchanged on July 17, as fuel rates remain at the levels set after the late‑May hike. This means motorists across major metros are paying the same prices as in recent weeks, even as global crude markets stay volatile.
Indian Oil, Bharat Petroleum and Hindustan Petroleum continue to follow the daily dynamic pricing system, under which pump rates can be adjusted every morning based on global crude prices and currency movements.
Last week, Oil Minister Hardeep Singh Puri suggested that reducing local fuel costs is not an option at this time. Even Bank of America noted that petrol and diesel prices are unlikely to see an immediate cut even as India's retail inflation has climbed above the Reserve Bank of India's 4% target for the first time in 17 months.
Fuel prices in the nation have escalated four times over the last four months amid the Iran war, increasing by about Rs 7.5-8 per litre during the period.
Petrol prices on July 17
- Petrol price in Delhi: Rs 102.12/litre
- Petrol price in Kolkata: Rs 113.43/litre
- Petrol price in Mumbai: Rs 111.12/litre
- Petrol price in Chennai: Rs 107.75/litre
- Petrol price in Hyderabad: Rs 115.69/litre
- Petrol price in Bengaluru: Rs 110.93/litre
Diesel prices on July 17
- Diesel price in Delhi: Rs 95.20/litre
- Diesel price in Kolkata: Rs 99.78/litre
- Diesel price in Mumbai: Rs 97.78 litre
- Diesel price in Chennai: Rs 99.57/litre
- Diesel price in Hyderabad: 103.82/litre
- Diesel price in Bengaluru: 98.79/litre
However, India has increased windfall taxes on exports of diesel and aviation turbine fuel (ATF) and lowered the levy on petrol exports, reflecting the recent rebound in global crude oil prices. The revised duties, announced through a Finance Ministry notification, will take effect from July 16.
Export duty on diesel has been raised to Rs 15.5 per litre from Rs 8.5 per litre, while the levy on ATF exports has been increased to Rs 14.5 per litre from Rs 7.5 per litre. The duty on petrol exports, however, has been reduced to Rs 2.5 per litre from Rs 4 per litre.
Global Crude Prices
Oil prices headed for their strongest weekly gain since April on Friday, as the escalating conflict between the US and Iran heightened fears of supply disruptions across some of the world's most critical energy shipping routes.
Brent crude traded near $85 a barrel, putting the global benchmark on course for a weekly gain of almost 12%, while West Texas Intermediate (WTI) climbed above $79 a barrel.
The latest gains came after the US launched another round of attacks on Iran on Thursday, a day after strikes reportedly hit an oil tanker near the country's main export terminal.
Adding to market jitters, Reuters reported that Tehran had instructed Yemen's Houthi rebels to close the Bab el-Mandeb Strait—a crucial gateway to the Red Sea for Saudi Arabia's oil exports—if Iranian power infrastructure comes under attack.
What Moves Petrol And Diesel Prices?
While international crude rates are the biggest factor for fuel prices in India, they aren't the only ones. Taxes, freight costs, refining margins, and the rupee-dollar exchange rate also play a key role in determining what you pay at the pump.
The Centre recently revised export duties on petroleum products. The change, however, does not impact retail fuel prices in India.
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