Fuel Prices Remain Steady Amid Global Oil Market Volatility
Petrol, diesel prices on 21 April: Check fuel rates in your city today — Delhi, Mumbai, Bengaluru, others
Mint
Image: Mint
As of April 21, 2023, petrol and diesel prices in India remain stable despite global crude oil market fluctuations due to the ongoing conflict in West Asia. Government measures, including excise duty cuts, have helped cushion consumers from rising international prices, while aviation fuel rates have surged significantly.
- 01Petrol and diesel prices in India have remained unchanged since the start of the West Asia conflict.
- 02Government interventions, such as excise duty cuts, have stabilized retail fuel prices.
- 03Aviation turbine fuel (ATF) prices have more than doubled, impacting domestic airlines differently than international ones.
- 04The conflict in West Asia has led to significant increases in global crude oil prices, affecting fuel rates worldwide.
- 05Fuel prices are revised daily based on international crude prices and currency exchange rates.
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On April 21, 2023, petrol and diesel prices in India remained stable, continuing a trend observed since the escalation of the West Asia conflict. Despite global crude oil prices surging over 50% due to supply disruptions, the Indian government’s excise duty cuts have helped maintain retail fuel prices. However, aviation turbine fuel (ATF) has seen a dramatic increase, with prices exceeding ₹2.07 lakh per kilolitre in March. State-run oil marketing companies (OMCs) have raised industrial diesel prices by approximately ₹22 per litre and premium petrol by about ₹2 per litre, while regular transport fuels remain unchanged. The three major OMCs—Indian Oil Corporation (IOC), Bharat Petroleum Corporation Limited (BPCL), and Hindustan Petroleum Corporation Limited (HPCL)—are responsible for pricing and distribution, which is influenced by international crude prices and the rupee-dollar exchange rate. Defence Minister Rajnath Singh emphasized the need for India to be prepared for any escalation in the volatile West Asia situation.
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The stability in petrol and diesel prices provides relief to consumers during a time of global uncertainty, while the significant increase in aviation fuel costs may affect air travel prices.
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