Bharat Petroleum, HP and Indian Oil have kept petrol and diesel prices unchanged in their latest announcement, despite international crude oil remaining above $100 per barrel. The situation is increasing pressure on domestic oil marketing companies, which have not yet passed the higher crude cost on to consumers through another price increase.
Fuel rates are announced every day at 6 am. The current city-wise lists include different prices for major locations such as New Delhi, Mumbai, Kolkata, Chennai, Bengaluru, Hyderabad, Jaipur, Lucknow, Patna and Thiruvananthapuram.
Rates listed for diesel
The diesel-rate list gives the following prices:
- New Delhi: Rs 95.20
- Kolkata: Rs 99.82
- Mumbai: Rs 97.83
- Chennai: Rs 97.83
- Gurugram: Rs 95.64
- Noida: Rs 95.26
- Bengaluru: Rs 98.80
- Bhubaneswar: Rs 100.68
- Chandigarh: Rs 89.47
- Hyderabad: Rs 103.86
- Jaipur: Rs 98.50
- Lucknow: Rs 95.36
- Patna: Rs 99.80
- Thiruvananthapuram: Rs 104.41
Rates listed for petrol
The petrol-rate list records these prices:
- New Delhi: Rs 102.12
- Kolkata: Rs 113.51
- Mumbai: Rs 111.21
- Chennai: Rs 107.76
- Gurugram: Rs 102.97
- Noida: Rs 101.77
- Bengaluru: Rs 110.97
- Bhubaneswar: Rs 108.97
- Chandigarh: Rs 102.20
- Hyderabad: Rs 115.73
- Lucknow: Rs 101.86
- Patna: Rs 113.81
- Thiruvananthapuram: Rs 115.49
What happened during the last increase?
The previous increase took place in May, when domestic oil marketing companies raised petrol and diesel prices 4 times in succession. The cumulative increase made fuel costlier by up to Rs 7.5 per litre in the domestic market.
Before that period, crude oil had moved close to $110 per barrel. The current level above $100 per barrel is again putting pressure on fuel retailers. A recent report said oil companies were losing Rs 5 on every litre of petrol and Rs 23 on every litre of diesel.
Why crude oil matters for fuel prices
India’s domestic petrol and diesel prices are affected by the cost of crude oil in the international market. When crude becomes more expensive, oil companies face higher input costs. If those costs are not reflected immediately in retail rates, the difference can add to their losses.
The source material also notes that petrol and diesel prices in India had previously been raised in 2022, before the May increases. Before the war began, crude oil was around $70 per barrel. Its subsequent rise has remained a key concern for investors in India and across global markets.
If crude oil continues to rise, the domestic fuel market could face further pressure. However, the latest announcement does not include any increase in petrol or diesel prices.
Conclusion
Petrol and diesel prices have remained unchanged even as crude oil stays above $100 per barrel and oil companies face reported losses. The next daily rate announcement will determine whether the current prices continue.
Frequently Asked Questions
Q. Have petrol and diesel prices increased in the latest announcement?
No. Bharat Petroleum, HP and Indian Oil have not announced a change in the latest rates.
Q. When are fuel prices announced each day?
Petrol and diesel rates are announced at 6 am every day.
Q. When did the last fuel price increase take place?
The last increase took place in May, when prices were raised 4 times.
Q. How much did petrol and diesel prices rise during the May increases?
The combined increase made fuel costlier by up to Rs 7.5 per litre.
Q. How much are oil companies reportedly losing on fuel sales?
The reported loss is Rs 5 per litre on petrol and Rs 23 per litre on diesel.
Q. What could happen if crude oil prices keep rising?
The domestic fuel market could face further pressure, although no new increase has been announced in the latest rates.
