Did Petrol And Diesel Prices Change Amid Crude Oil Surge Past $110? Check City Rates

Global fuel markets have seen a sharp rise after the United States and Israel carried out strikes on Iran, followed by retaliation that disrupted key oil routes. As a result, crude oil prices have jumped significantly in recent weeks.

Despite this global surge, petrol and diesel prices in India have remained unchanged, offering temporary relief to consumers.

Oil Prices Cross $110 Per Barrel

Crude oil, which was priced at around $70 per barrel last year, has now climbed to over $114 per barrel in late April. One of the major reasons is the disruption in the Strait of Hormuz, a key route for global oil transport.

The closure of this route has tightened supply and pushed prices higher, raising concerns about inflation worldwide.

No Change in Petrol and Diesel Prices

Even with rising global prices, retail fuel rates in India have remained stable since April 2022. State-run oil companies have not passed on the increased cost to consumers so far.
However, this has come at a cost. Reports suggest that oil marketing companies are currently facing losses due to the gap between international prices and domestic retail rates.

Oil Companies Under Pressure

According to officials, state-run fuel retailers are reportedly losing around ₹20 per litre on petrol and nearly ₹100 per litre on diesel.
These losses are due to the decision to keep retail prices steady, even as global oil costs rise. In earlier years, oil companies had benefited from lower crude prices, which helped balance their finances.

Government Says No Immediate Price Hike

Indian Oil Corporation (IOC), speaking on behalf of the industry, has said that petrol and diesel prices will remain unchanged for now.

At the same time, government sources have indicated that a price hike cannot be completely ruled out in the near future, depending on global market trends.

Fake News About Fuel Price Hike

Recently, rumours about a sharp increase in fuel prices circulated on social media. However, the Press Information Bureau (PIB) clarified that such claims were false.
The government confirmed that no official order had been issued to increase petrol or diesel prices.

Fuel Prices Across Major Cities

Petrol prices currently vary across cities:

• New Delhi - ₹94.77
• Mumbai - ₹103.54
• Kolkata - ₹105.41
• Chennai - ₹101.06
• Hyderabad - ₹107.46
• Bengaluru - ₹102.96

Prices have seen minor changes in some cities but remain largely stable overall.
Government's Strategy to Manage Fuel Costs

Union Petroleum Minister Hardeep Singh Puri said India has expanded its crude oil sourcing from 27 to 41 countries. This step aims to improve energy security and reduce dependence on a few suppliers.

He also highlighted that measures such as cutting excise duties and controlling exports helped protect consumers from sudden price shocks.

What Lies Ahead

While fuel prices have remained stable so far, the rising cost of crude oil continues to put pressure on oil companies and government finances.
If global prices remain high for a longer period, a revision in petrol and diesel rates may become unavoidable.

India has managed to shield consumers from rising global oil prices for now. However, with continued uncertainty in international markets, the situation remains delicate.
The coming weeks will be crucial in deciding whether fuel prices stay stable or begin to rise in response to global trends.