Fuel Prices Remain Steady Amid Global Tensions, Hike Expected Soon
Petrol, Diesel Price Today May 9: Check Delhi, Mumbai, Gurugram rates as reports of a hike next week emerge
The Economic Times
Image: The Economic Times
On May 9, petrol and diesel prices remained unchanged in major Indian cities, including New Delhi and Mumbai, despite rising global crude oil prices. With Brent crude nearing $103 per barrel due to geopolitical tensions, analysts anticipate a domestic fuel price hike as the government faces pressure to adjust rates.
- 01Petrol prices in New Delhi remain at ₹94.77, while diesel is at ₹87.67.
- 02Brent crude oil prices are approaching $103 per barrel amid geopolitical tensions.
- 03The Indian government has not adjusted fuel prices in line with global movements for over two months.
- 04Officials indicate that the current pricing arrangement is under strain due to rising global costs.
- 05A price hike for petrol and diesel is anticipated in the coming weeks.
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As of May 9, petrol and diesel prices in major Indian cities remained stable, with New Delhi's petrol priced at ₹94.77 and diesel at ₹87.67. This stability comes despite Brent crude oil prices nearing $103 per barrel, influenced by escalating tensions between US and Iranian forces. The Indian government has refrained from adjusting domestic fuel prices for over two months, absorbing the higher costs to avoid retail price hikes. However, officials have indicated that this approach is becoming increasingly unsustainable due to the rising subsidy burden and persistent high global prices. Sujata Sharma, joint secretary in the petroleum ministry, stated that the goal has been to prevent price increases, but the situation may soon necessitate a change as India monitors global crude movements closely.
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If fuel prices increase, it could lead to higher transportation costs, affecting the prices of goods and services across India.
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