The ongoing conflict in the Middle East has people concerned about a potential spike in petrol and diesel prices. The concerns stem from a sharp rise in global crude oil prices, particularly because Iran is enforcing strict curbs in the region. Despite these developments, fuel prices in major cities across India have remained stable.
Giving consumers a breath of relief, government sources have revealed that the petrol and diesel prices in India won't see an increase in the immediate future, as per PTI's report. Reportedly, the government of India has a calibrated approach which aids the oil marketing companies to keep the prices stable during a crisis. This is done by improving their margins when international crude oil prices are low to shield the consumers when the prices increase.
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In conclusion, this helps oil marketing companies absorb a part of the increase, which translates to stable prices for the consumers, as per the Nomura report. The report also claims that the government's decision not to reduce oil prices during the period when crude oil prices were low has created a buffer for the companies, making them capable of handling the upward change.
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Despite the shield, experts believe that if the volatility in the global crude oil prices persists for an extended period, it could eventually influence the fuel rates.
Petrol Prices In India Today
On March 6, Hyderabad and Patna were still among the cities in India with the highest petrol prices, whereas Delhi and Lucknow had relatively lower prices, largely due to variations in state-level taxes.
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In the capital city, petrol was sold at Rs 94.77 per litre, while diesel was priced at Rs 87.67 per litre, based on the latest pricing update from state-run oil marketing companies. It's important to note that the differences in petrol prices across cities are mainly a result of varying state taxes.
Delhi
Petrol: Rs 94.77
Diesel: Rs 87.67
Mumbai
Petrol: Rs 103.54
Diesel: Rs 90.03
Kolkata
Petrol: Rs 105.45
Diesel: Rs 92.02
Chennai
Petrol: Rs 100.84
Diesel: Rs 92.39
Hyderabad
Petrol: Rs 107.46
Diesel: Rs 95.70
Bengaluru
Petrol: Rs 102.96
Diesel: Rs 90.99
Pune
Petrol: Rs 104.36
Diesel: Rs 90.88
Lucknow
Petrol: Rs 94.69
Diesel: Rs 87.81
Jaipur
Petrol: Rs 104.69
Diesel: Rs 90.18
Ahmedabad
Petrol: Rs 94.47
Diesel: Rs 90.14
Patna
Petrol: Rs 105.23
Diesel: Rs 91.49