Fuel Prices Remain Stable Amid Global Energy Crisis
Petrol, diesel prices today: How much does fuel cost in Delhi, Mumbai, Kolkata, Bengaluru on 8 May
Mint
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On May 8, fuel prices in major Indian cities remained stable despite rising global crude oil prices, largely due to government intervention. Petrol in Mumbai is priced between ₹103.50 and ₹103.54 per litre, while diesel prices are similarly reviewed. Analysts warn of potential future hikes as losses mount for oil companies.
- 01Fuel prices in India remain stable despite global increases.
- 02Petrol in Mumbai is priced between ₹103.50 and ₹103.54 per litre.
- 03Global crude oil prices have risen significantly due to geopolitical tensions.
- 04Government intervention is currently cushioning consumers from price hikes.
- 05Future increases in fuel prices are possible as losses for oil companies continue.
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On May 8, petrol and diesel prices in India remained unchanged, with petrol in Mumbai priced between ₹103.50 and ₹103.54 per litre. This stability comes despite a backdrop of rising global crude oil prices, which have surged due to ongoing geopolitical tensions, including renewed clashes between US and Iranian forces. Brent crude oil prices rose as much as 2.9% to nearly $103 per barrel before stabilizing. Analysts predict that while the government has managed to keep retail prices stable, the ongoing cap on fuel rates could lead to future price hikes as losses for oil companies accumulate. Crisil Chief Economist Dharmakirti Joshi noted that the impact of higher crude prices will be more pronounced on wholesale inflation (WPI) than on consumer inflation (CPI) due to government measures to shield consumers. The April inflation data is expected to reflect these trends, with WPI likely surpassing CPI.
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Consumers in India are currently shielded from rising fuel prices, but potential future hikes could increase transportation and living costs.
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