Fuel prices across India saw minimal changes on July 29, with state-owned Oil Marketing Companies (OMCs) largely maintaining existing rates. This stability comes despite global oil prices settling lower last week, influenced by hopes for resumed shipping via the Strait of Hormuz following the latest US-Iran developments.
Current Petrol and Diesel Rates in Major Cities
Petrol and diesel prices have held steady since May 25, when OMCs last adjusted rates, increasing petrol by ₹2.61 per litre and diesel by ₹2.71 per litre. As of July 29, here are the latest prices:
- Delhi: Petrol ₹102.12 per litre, Diesel ₹95.20 per litre
- Mumbai: Petrol ₹111.21 per litre, Diesel ₹97.83 per litre (a slight hike from previous prices for diesel)
- Hyderabad: Petrol ₹115.69 per litre, Diesel ₹103.82 per litre
- Kolkata: Petrol ₹113.51 per litre, Diesel ₹99.82 per litre
- Bengaluru: Petrol ₹111.68 per litre, Diesel ₹99.56 per litre
- Chennai: Petrol ₹107.94 per litre, Diesel ₹99.71 per litre
Notably, petrol prices remain above ₹110 per litre in several major cities including Mumbai, Bengaluru, Hyderabad, and Kolkata. Diesel prices are mostly below ₹100 in these cities, with Hyderabad being an exception at ₹103.82.
Factors Influencing Fuel Prices in India
A complex interplay of global and domestic factors determines the retail price of petrol and diesel in India. The most significant influence is the international price of crude oil, which serves as the base raw material for both fuels.
Another critical variable is the rupee-dollar exchange rate. As India heavily relies on imported crude, a weakening rupee against the dollar increases the cost of procurement, directly impacting retail fuel prices. Furthermore, both central and state governments levy various taxes, which form a substantial portion of the final price and explain the price disparities across different states. Additional factors like transportation costs and local demand-supply dynamics also contribute to the final price consumers pay at the pump.