India fuel prices steady

As of July 1, fuel prices across Indian cities have held steady, despite global crude markets remaining on edge amid tensions in West Asia and disruptions to key shipping routes. According to Businesstoday, the petrol and diesel rates have remained stable since May 25, when state-owned fuel retailers last hiked petrol prices by ₹2.61 per litre and diesel by ₹2.71 per litre.

In Delhi, petrol continues to retail above Rs 100, at ₹102.12 per litre, and diesel at ₹95.20 per litre, following the latest increase. In Mumbai, petrol prices have crossed the Rs 110 mark, with new prices being ₹111.21 and diesel at ₹97.83. Cardekho reports that fuel prices revise at 6 a.m. Daily in India, with Indian Oil, Bharat Petroleum, Hindustan Petroleum (HP), Reliance & IGL being the popular fuel companies in India.

Media additions

A combination of global, economic, and domestic factors shapes fuel prices at the pump. The international price of crude oil, the base raw material for both petrol and diesel, has the single biggest bearing on what consumers ultimately pay. The rupee-dollar exchange rate is another key variable, given that India relies heavily on imported crude. When the rupee weakens against the dollar, the cost of procuring crude rises, which can feed directly into higher retail fuel prices.

Taxes levied by both the central and state governments make up a substantial portion of the final price, which is why petrol and diesel rates differ across states. Transportation costs and prevailing demand-supply conditions also factor into the retail price consumers see at the pump. Newsbytesapp notes that local taxes and global oil prices keep things different from city to city.

According to Livemint, the Centre lifted restrictions on purchase of petrol and diesel by industrial, commercial and institutional consumers, with effect from July 1. The limits were initially imposed as emergency measures in order to manage fuel supplies in the wake of West Asia war and blockade of Hormuz waterway.

Nayara Energy, a private fuel retailer, has reduced petrol prices by ₹5 per litre and diesel prices by ₹3 per litre across its nationwide network of fuel stations, as reported by News. This marks the first retail fuel price cut by an oil retailer in over two years. The revised prices have come into effect at more than 7,000 Nayara Energy fuel stations across the country.

The reduction is due to softening international crude oil prices, following an easing of geopolitical tensions in West Asia and the reopening of the Strait of Hormuz for commercial shipping. However, state-owned oil marketing companies like Indian Oil, BPCL, and HPCL have not announced any changes to their retail fuel prices. Sampark provides city-wise fuel rates, with indicative rates for reference, as fuel prices change daily.

Fuelpricetoday offers a live petrol and diesel price map, with average fuel prices across all cities tracked per state, sorted cheapest petrol first. The map fetches fresh prices every hour from publicly available retail fuel listings across India.

Here is a summary of the current fuel prices in major Indian cities:

• Delhi: ₹102.12 per litre (petrol), ₹95.20 per litre (diesel)
• Mumbai: ₹111.21 per litre (petrol), ₹97.83 per litre (diesel)

Consumers should note that fuel prices vary from state to state because of differences in local taxes. The latest reduction by Nayara Energy is currently limited to their outlets, and retail rates may continue to differ across states due to variations in Value Added Tax (VAT) and other local levies.