Fuel Prices Hold Steady Across Major Indian Cities
Petrol and diesel prices across India saw no significant changes on July 21, maintaining the stability observed since late May. This consistency comes even as global crude oil prices have settled lower recently, with Brent crude futures recorded at $76.01 per barrel.
City-Specific Fuel Rates for July 21
Consumers in key metropolitan areas continued to face elevated fuel costs, particularly for petrol. Here are the latest rates:
- Delhi: Petrol ₹102.12 per litre, Diesel ₹95.20 per litre
- Mumbai: Petrol ₹111.21 per litre, Diesel ₹97.83 per litre
- Hyderabad: Petrol ₹115.69 per litre, Diesel ₹103.82 per litre
- Kolkata: Petrol ₹113.51 per litre, Diesel ₹99.82 per litre
- Bengaluru: Petrol ₹111.82 per litre, Diesel ₹99.77 per litre
- Chennai: Petrol ₹107.76 per litre, Diesel ₹99.55 per litre
Notably, petrol prices remained above ₹110 per litre in cities like Mumbai, Bengaluru, Hyderabad, and Kolkata. Diesel prices in these cities generally stayed below ₹100 per litre, with Hyderabad being an exception where diesel was priced at ₹103.82.
What Influences India's Fuel Prices?
Several interconnected factors determine the retail price of petrol and diesel in India. The most significant influence is the international price of crude oil, which serves as the fundamental raw material. Despite Brent crude settling lower at $76.01 per barrel, down 0.38%, retail fuel prices have remained largely unchanged since May 25.
Another crucial element is the rupee-dollar exchange rate. Since India heavily relies on imported crude, a weaker rupee increases the cost of procurement, which can directly impact consumer prices at the pump. Furthermore, the substantial taxes levied by both the central and state governments form a significant portion of the final retail price, contributing to the variations seen across different states. Transportation costs and prevailing demand-supply dynamics also play a role in the ultimate price consumers pay.