The petrol and diesel prices across India remained largely unchanged on Thursday, 28 May, despite the volatility in global crude oil markets, with prices rising sharply in May due to the implementation of four hikes between 15 and 25 May by oil marketing companies (OMCs).
Recent Fuel Price Hikes
The cumulative increase of ₹7-8 per litre reflects global crude oil volatility and geopolitical tensions in West Asia, pushing petrol prices above the ₹100-per-litre mark in several cities, including Delhi, Mumbai, Bengaluru, and Hyderabad, while diesel prices have also climbed sharply.
Fuel rates in metro cities and several state capitals saw little to no movement on Thursday, with Delhi having a petrol price of ₹102.12 and diesel price of ₹95.20, Mumbai having a petrol price of ₹111.18 and diesel price of ₹97.83, and Bengaluru having a petrol price of ₹110.91 and diesel price of ₹98.80.
Impact of Geopolitical Tensions
Global brokerage firms, including Goldman Sachs and JP Morgan, have warned that crude oil prices may remain volatile if geopolitical tensions persist, with Brent crude trading near multi-month highs amid concerns over potential supply disruptions in key oil-producing regions.
Market Impact and Details
The latest increase in petrol and diesel prices is expected to have a significant impact on the market, with economists cautioning that sustained fuel inflation could eventually raise transportation and logistics costs, which may feed into broader consumer inflation.
Some of the key cities with their petrol and diesel prices are:
- New Delhi: ₹102.12 (petrol), ₹95.20 (diesel)
- Kolkata: ₹113.47 (petrol), ₹99.82 (diesel)
- Mumbai: ₹111.18 (petrol), ₹97.83 (diesel)
- Bengaluru: ₹110.91 (petrol), ₹98.80 (diesel)
Key Takeaways
- The cumulative increase of ₹7-8 per litre reflects global crude oil volatility and geopolitical tensions in West Asia.
- Petrol prices have been pushed above the ₹100-per-litre mark in several cities, including Delhi, Mumbai, Bengaluru, and Hyderabad.
- Sustained fuel inflation could eventually raise transportation and logistics costs, which may feed into broader consumer inflation.
FAQs
What is the current price of petrol in Delhi?
The current price of petrol in Delhi is ₹102.12.
How often are petrol and diesel prices revised in India?
Petrol and diesel prices in India are revised daily by Indian Oil, Bharat Petroleum, and Hindustan Petroleum based on global benchmark prices and foreign exchange rates.
What is the impact of higher diesel prices on the economy?
Elevated diesel prices tend to have a wider inflationary impact because of diesel‘s role in goods transportation and agriculture, and may eventually translate into higher freight charges.
Conclusion
In conclusion, the recent hike in petrol and diesel prices is expected to have a significant impact on the market, with sustained fuel inflation potentially raising transportation and logistics costs, and feeding into broader consumer inflation. As petrol and diesel prices continue to rise, it is essential for consumers to stay informed about the latest prices and to take steps to reduce their fuel consumption. With the petrol and diesel prices revised daily, it is crucial to stay up-to-date with the latest prices to make informed decisions about your fuel purchases.
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