On July 30, 2026, fuel prices across India's major metropolitan areas held steady, reflecting a period of stability following previous adjustments. State-owned Oil Marketing Companies (OMCs) have maintained current rates since May 25, when both petrol and diesel saw an increase of ₹2.61 and ₹2.71 per litre, respectively.
This stability comes despite a recent dip in international oil prices last week, influenced by developments in the US-Iran situation and renewed hopes for unimpeded shipping through the Strait of Hormuz.
Current Fuel Rates in Key Indian Cities
As of July 30, petrol prices continue to exceed the ₹100 mark in several cities, while diesel rates vary:
- Delhi: Petrol is priced at ₹102.12 per litre, and diesel at ₹95.20 per litre.
- Mumbai: Residents are paying ₹111.21 per litre for petrol and ₹99.82 per litre for diesel, with petrol remaining above the ₹110 threshold.
- Hyderabad: Petrol is the highest among these cities at ₹115.69 per litre, with diesel also above ₹100 at ₹103.82 per litre.
- Kolkata: Petrol stands at ₹113.48 per litre, and diesel at ₹99.82 per litre.
- Bengaluru: Consumers pay ₹111.68 per litre for petrol and ₹99.56 per litre for diesel.
- Chennai: Petrol is priced at ₹107.77 per litre, and diesel at ₹99.55 per litre.
Factors Influencing Petrol and Diesel Prices
The retail price of petrol and diesel in India is a complex interplay of several global and domestic factors:
International Crude Oil Prices
The cost of crude oil, the primary raw material, is the single most significant determinant. Fluctuations in global supply and demand, geopolitical events, and output decisions by oil-producing nations directly impact what India pays for its imports.
Rupee-Dollar Exchange Rate
Given India's heavy reliance on imported crude oil, the exchange rate between the Indian Rupee and the US Dollar plays a crucial role. A weakening rupee makes crude imports more expensive, which can lead to higher retail fuel prices.
Government Taxes and Duties
Both the central and state governments levy various taxes, including excise duty and Value Added Tax (VAT), on fuel. These taxes constitute a substantial portion of the final retail price and are a primary reason why fuel prices differ significantly from one state to another.
Other Operational Costs
Additional factors such as transportation costs from refineries to retail outlets, dealer commissions, and the prevailing demand-supply dynamics within specific regions also contribute to the final price consumers pay at the pump.
The ongoing stability in fuel prices provides a temporary respite for consumers, though the underlying factors remain subject to global economic and geopolitical shifts.