Fuel Prices Remain Unchanged Amid Global Oil Surge: Latest Rates in Major Indian Cities
Petrol, diesel prices hiked? Check latest fuel rates in Delhi, Mumbai, Bengaluru and other key cities on 2 May
Mint
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Despite a significant rise in global oil prices following recent geopolitical tensions, the Indian government has kept petrol and diesel prices unchanged since early April 2022. Current rates in major cities like Delhi, Mumbai, and Bengaluru remain stable, with petrol priced at ₹94.77 per litre and diesel at ₹87.67 per litre.
- 01Global oil prices surged to over $114 per barrel due to US and Israeli strikes on Iran.
- 02Indian fuel prices have not changed since early April 2022, despite rising global costs.
- 03State-run oil companies are reportedly losing ₹20 per litre on petrol and ₹100 per litre on diesel.
- 04The Indian government has dismissed rumors of an imminent fuel price hike as fake.
- 05Union Minister Hardeep Singh Puri emphasized efforts to diversify crude oil sourcing to enhance energy security.
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Global oil prices have surged sharply due to escalating tensions in the Middle East, particularly following strikes by the US and Israel on Iran and Tehran's retaliation that closed the Strait of Hormuz. Despite this, the Indian government has maintained the retail prices of petrol and diesel since early April 2022. As of late April, petrol prices in Delhi stand at ₹94.77 per litre and diesel at ₹87.67 per litre. State-run oil companies are reportedly facing significant losses, with estimates of around ₹20 per litre on petrol and nearly ₹100 per litre on diesel due to stagnant retail prices amid rising international rates. The Indian Oil Corporation confirmed that prices would remain unchanged for now, although government sources indicated that a price hike cannot be ruled out in the near future. Additionally, the Press Information Bureau (PIB) has refuted social media claims of an official order for a price hike. Union Minister for Petroleum and Natural Gas, Hardeep Singh Puri, stated that India has expanded its crude oil sourcing from 27 to 41 countries, which has played a crucial role in managing the current energy crisis.
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The decision to keep fuel prices unchanged may provide temporary relief to consumers amid rising global oil costs, but potential future hikes could affect household budgets and transportation costs.
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