Petrol, Diesel Rates Hold Steady On August 28; Check City-Wise Fuel Prices

Petrol and diesel prices remained unchanged in key cities on Friday, August 28, despite recent movements in international crude markets. State-owned Oil Marketing Companies have kept retail rates steady since May 25, when petrol prices were increased by ₹2.61 per litre and diesel rates by ₹2.71 per litre.

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Petrol And Diesel Prices Today

The latest retail rates in major cities are as follows:

Delhi continues to have petrol priced above ₹100 per litre, while Mumbai’s petrol rate remains above ₹110. Hyderabad has the highest petrol and diesel rates among the cities listed, at ₹115.69 and ₹103.82 per litre, respectively.

Crude Oil Movement

International crude prices have eased following developments around the U.S.-Iran conflict and expectations that shipping through the Strait of Hormuz could gradually resume. The waterway is an important route for global oil shipments, making developments around its operation relevant to international crude markets.

The latest movement in crude oil price has not resulted in a corresponding change in domestic petrol or diesel rates. Consumers therefore continue to pay the existing retail prices across the major cities listed above.

The petrol price in each city reflects more than the international crude benchmark. India imports a large share of its crude requirement, making the rupee’s exchange rate against the U.S. dollar another important factor in the domestic pricing equation.

Why Fuel Rates Differ Across Cities

Petrol and diesel prices are not identical throughout India because the final retail price includes taxes imposed by the central and state governments. Moreover, the differences in local levies contribute significantly to the gap between cities.

Also, transportation expenses and other costs associated with moving and selling fuel can also affect the amount charged at individual outlets. As a result, a fall in the global crude oil price does not automatically translate into a similar reduction in the price paid by consumers.

For August 28, state-run oil marketing companies have retained the existing rates in the major cities. Any change in domestic fuel prices will depend on the pricing decisions taken by the companies after considering crude costs, currency movements, taxes and other components of the retail price.