Fuel prices in India have held steady on July 13, with no significant changes observed across major cities. This stability follows a period of global oil price volatility last week, influenced by a new round of US-Iran conflict and hopes for renewed shipping activity via the Strait of Hormuz.
Brent crude futures settled at $76.01 per barrel, a slight decrease, and remain significantly below the late-April peak of over $120 per barrel when the Hormuz closure initially sent shockwaves through energy markets. Petrol and diesel prices have remained consistent nationwide since May 25, when state-owned Oil Marketing Companies (OMCs) last adjusted rates, increasing petrol by ₹2.61 per litre and diesel by ₹2.71 per litre.
Current Fuel Prices Across Major Indian Cities
In the capital city, Delhi, petrol is priced at ₹102.12 per litre, while diesel retails for ₹95.20 per litre.
Mumbai continues to see petrol prices above the ₹110 mark, with petrol costing ₹111.21 per litre and diesel at ₹97.83 per litre.
Other major Indian cities also reflect these trends. In Bengaluru, petrol is ₹111.25 and diesel is ₹99.14. Kolkata records petrol at ₹113.51 and diesel at ₹99.82. Chennai has petrol at ₹109.45 and diesel at ₹101.26. Hyderabad reports petrol at ₹115.73 and diesel at ₹103.82. Notably, diesel prices remain below ₹100 in most cities, with the exceptions being Hyderabad and Chennai.
Factors Influencing India's Fuel Costs
A complex interplay of global, economic, and domestic factors determines the price consumers pay at the pump in India. The most significant influence is the international price of crude oil, which serves as the primary raw material for both petrol and diesel.
Another crucial variable is the rupee-dollar exchange rate. India's substantial reliance on imported crude means that a weaker rupee against the dollar directly increases the cost of procurement, which can then translate into higher retail fuel prices.
Furthermore, taxes imposed by both the central and state governments constitute a considerable portion of the final retail price, explaining the variations in petrol and diesel rates across different states. Transportation costs and prevailing demand-supply dynamics within specific regions also contribute to the ultimate price consumers encounter.