Indian consumers saw no change in petrol and diesel prices on May 2, with rates holding steady across major metropolitan areas. This pause comes amidst ongoing global crude market volatility, influenced by geopolitical tensions in West Asia and disruptions to key shipping routes.
Current Fuel Prices in Key Indian Cities
In the national capital, Delhi, petrol continues to retail at ₹94.77 per litre, and diesel is priced at ₹87.67 per litre. Mumbai residents faced higher costs, with petrol at ₹103.54 per litre and diesel at approximately ₹90.03 per litre.
Other major cities, including Bengaluru, Hyderabad, and Kolkata, also maintained petrol prices above ₹100 per litre, while diesel rates remained below the ₹100 mark.
- Delhi: Petrol ₹94.77, Diesel ₹87.67
- Mumbai: Petrol ₹103.54, Diesel ₹90.03
- Hyderabad: Petrol ₹107.46, Diesel ₹95.70
- Kolkata: Petrol ₹105.41, Diesel ₹92.02
- Bengaluru: Petrol ₹102.99, Diesel ₹91.06
- Chennai: Petrol ₹100.80, Diesel ₹92.39
Factors Influencing Petrol and Diesel Prices
The pricing of petrol and diesel at the pump in India is a complex interplay of several global and domestic economic factors. The most significant determinant is the international price of crude oil, which serves as the fundamental raw material for both fuels.
Another crucial 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, the final price consumers pay includes substantial taxes levied by both central and state governments, explaining the variation in rates across different states. Transportation costs and local demand-supply dynamics also contribute to the retail price structure.