Fuel Prices Remain Unchanged in India Despite Global Oil Surge
Have Petrol, Diesel Prices Been Hiked On May 5? Check City-Wise Fuel Rates
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Despite a global oil price surge of over 6%, petrol and diesel prices in major Indian cities remained stable on May 5. The central government has denied rumors of a price hike, stating that oil marketing companies are currently operating at a loss due to elevated crude prices.
- 01Petrol and diesel prices unchanged on May 5 in India.
- 02Petrol costs ₹94.77 per litre in New Delhi, while Mumbai sees prices at ₹103.50.
- 03The Central government refuted claims of an imminent price hike.
- 04Oil marketing companies are losing ₹14 per litre on petrol and ₹18 on diesel.
- 05Global crude oil prices have surged, impacting market dynamics.
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On May 5, petrol and diesel prices in India remained unchanged despite a significant increase in global oil prices, which surged over 6%. In New Delhi, petrol is priced at ₹94.77 per litre and diesel at ₹87.67 per litre, while in Mumbai, petrol costs ₹103.50 and diesel ₹90.01. The Central government has dismissed rumors of a price hike, clarifying that no official order has been issued. Oil marketing companies are currently facing losses of ₹14 per litre on petrol and ₹18 per litre on diesel due to high crude prices, which have outpaced capped retail rates. This situation is compounded by geopolitical tensions affecting oil supply, particularly in the Strait of Hormuz, a crucial oil transit route. The government has opted to keep domestic LPG rates stable, although commercial LPG prices have seen significant increases recently.
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Consumers in India can breathe a sigh of relief as fuel prices remain stable despite global fluctuations, but oil marketing companies continue to face significant losses.
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