Fuel prices for petrol and diesel across India remained steady on May 30, holding the line after a period of volatility that saw rates increase four times in the past two weeks. This stability comes as global crude oil markets continue to be influenced by tensions in West Asia and disruptions to key international shipping routes.
The most recent significant change on May 29 had also kept prices stable, but the cumulative effect of earlier hikes was substantial, with petrol rising by ₹2.61 per litre and diesel by ₹2.71 per litre across the country.
Current Fuel Prices in Major Indian Cities (May 30)
- Delhi: Petrol ₹102.12 per litre, Diesel ₹95.20 per litre.
- Mumbai: Petrol ₹111.18 per litre, Diesel ₹97.83 per litre.
- Kolkata: Petrol ₹113.51 per litre, Diesel ₹99.82 per litre.
- Chennai: Petrol ₹107.85 per litre, Diesel ₹99.66 per litre.
- Hyderabad: Petrol ₹115.69 per litre, Diesel ₹103.82 per litre.
- Bengaluru: Petrol ₹110.89 per litre, Diesel ₹98.80 per litre.
Across major cities like Bengaluru, Hyderabad, and Kolkata, petrol prices continue to retail above the ₹100 per litre mark, while diesel generally remains below ₹100 per litre.
Factors Influencing Fuel Prices in India
The retail price of petrol and diesel at the pump in India is a complex interplay of several global, economic, and domestic factors:
International Crude Oil Prices
At the core of India's fuel pricing is the international price of crude oil. As the primary raw material for both petrol and diesel, global crude rates have the most significant impact on what consumers ultimately pay.
Rupee-Dollar Exchange Rate
Given India's heavy reliance on imported crude oil, the exchange rate between the Indian Rupee and the US Dollar is a critical variable. A weakening Rupee against the Dollar increases the cost of crude procurement, which can directly translate to higher retail fuel prices.
Government Taxes and Duties
Both the central and state governments levy various taxes and duties on fuel. These taxes constitute a substantial portion of the final retail price and are a primary reason why petrol and diesel rates can vary significantly from one state to another.
Transportation Costs and Demand-Supply
Additional factors such as transportation costs from refineries to retail outlets, as well as prevailing demand-supply dynamics within different regions, also contribute to the final price consumers observe at the fuel station.