Fuel Prices Stable Amid Global Energy Crisis: Current Rates in Major Indian Cities
Petrol, diesel prices today: How much does fuel cost in Delhi, Mumbai, Kolkata, Bengaluru on 9 May
Mint
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On May 9, petrol and diesel prices in major Indian cities like Delhi, Mumbai, Kolkata, and Bengaluru remained unchanged despite rising global crude oil prices due to ongoing conflicts in West Asia. The Indian government has maintained stable fuel prices to protect consumers from inflationary pressures.
- 01Petrol and diesel prices remain stable in India despite global price increases.
- 02Crude oil prices have surged due to geopolitical tensions, reaching a four-year high of $126 per barrel.
- 03The Indian government is shielding consumers by not increasing fuel prices.
- 04Wholesale Price Index (WPI) inflation is expected to rise more than Consumer Price Index (CPI) inflation due to higher global crude prices.
- 05The stability in fuel prices may not last if global tensions continue.
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As of May 9, petrol and diesel prices in major Indian cities, including Delhi, Mumbai, Kolkata, and Bengaluru, have remained stable despite significant increases in global crude oil prices. The geopolitical tensions in West Asia have led to crude prices soaring to a four-year high of $126 per barrel on April 30, before slightly declining to $97.77 per barrel on May 6. The Indian government has opted to keep domestic fuel prices unchanged to cushion consumers from the inflationary impact of rising global prices. According to Crisil Chief Economist Dharmakirti Joshi, this strategy has resulted in higher Wholesale Price Index (WPI) inflation compared to Consumer Price Index (CPI) inflation, as the pass-through of increased crude oil prices has not affected household fuel costs. While commercial LPG cylinder prices have increased, petrol, diesel, and domestic LPG prices remain stable, indicating the government's effort to protect consumers amid the ongoing energy crisis.
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The stability in fuel prices helps consumers avoid immediate inflation impacts, but higher global crude prices could lead to future increases in fuel costs.
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