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Domestic Fuel Prices Steady Despite Global Oil Rates Hitting 2019 Highs

On Monday, the crude oil prices overseas jumped, with benchmark Brent futures rising to cross the $74-a-barrel mark.

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Domestic Fuel Prices Steady Despite Global Oil Rates Hitting 2019 Highs

Domestic petrol and diesel prices vary from city to city depending on factors such as state taxes


Petrol and diesel prices were steady in major cities today despite the global crude oil rates hitting 2019 highs. In Delhi, the price of petrol stood at Rs 72.95 per litre with effect from 6 am Tuesday, and that of diesel was at Rs 66.46 per litre, according to Indian Oil Corporation. According to a notification by the country's largest fuel retailer, petrol and diesel prices in Mumbai were at Rs 78.52 per litre and Rs 69.56 per litre with effect from 6 am on April 23.

Crude oil prices hit highest level so far this year

On Tuesday, the crude oil prices overseas jumped to near 2019 highs, after the US announced all Iran sanction waivers would end by May, pressuring importers to stop buying from Tehran. Brent crude futures - the international benchmark for crude oil - were at $74.40 per barrel at 8:09 am, up 0.5 per cent from their last close and not far off a 2019 peak of $74.52 reached the previous day.

(Also read: India to get extra oil from major producers to make up for Iran loss)

The crude oil rates rose due to the uncertainty surrounding increased supply from Saudi Arabia and other OPEC (Organization of the Petroleum Exporting Countries) nations.

The domestic prices of petrol and diesel are determined broadly by international prices of crude oil and the foreign exchange (forex) rate of the rupee against the US dollar.

Rupee edges higher against dollar

The rupee edged higher against the dollar on Tuesday ahead of the second round of dollar-rupee swap auction by the central bank. The rupee appreciated by 9 paise to an intraday high of 69.58 against the greenback. The Reserve Bank of India (RBI) is set to inject long-term liquidity worth $5 billion into the system through its dollar-rupee buy-sell swap for a tenure of three years, the second such auction within a month.

Meanwhile, here are the petrol and diesel prices today in some of the major cities:

CityIndicative price in rupees per litre
PetrolDiesel
New Delhi72.9566.46
Kolkata74.9768.2
Mumbai78.5269.56
Chennai75.7170.17
Noida72.2765.53
Chandigarh68.9363.26
(Source: Indian Oil notification)

(Also read: How to receive latest petrol, diesel rates on your mobile)

(With inputs from agencies)



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