Petrol And Diesel Prices Hold Steady Across Major Cities On May 5

Petrol and diesel prices remained unchanged across major Indian cities on Tuesday, May 5, even as global crude oil prices stayed elevated due to the ongoing conflict in West Asia.

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State-run oil marketing companies kept retail fuel rates stable after the declaration of assembly election results in West Bengal, Assam, Tamil Nadu, Kerala and Puducherry on May 4. Fuel prices continued at existing levels in Delhi, Mumbai, Chennai, Kolkata, Bengaluru, Hyderabad and several other cities.

Petrol And Diesel Prices In Major Cities

Petrol prices remained above ₹100 per litre in cities including Mumbai, Hyderabad, Bengaluru, Chennai, Jaipur and Patna. Diesel prices stayed below ₹100 per litre across the listed cities.

Crude Oil Prices Continue To Influence Domestic Rates

Global crude oil prices have risen sharply in recent weeks following supply concerns linked to geopolitical tensions in West Asia. The increase in international oil prices has raised pressure on domestic fuel retailers, according to statements made earlier by Petroleum and Natural Gas Minister Hardeep Singh Puri.

In March, the minister had stated that oil marketing companies were incurring losses of around ₹24 per litre on petrol and ₹30 per litre on diesel due to higher crude oil costs.

Market-based Pricing for Fuel in India is influenced by various factors, including international crude prices, rupee/dollar exchange rates, freight charges, and taxes levied by the federal and state governments.

LPG Prices Increase As Well

There have been increases in the prices of commercial LPG cylinders due to the increase in the cost of energy globally. The price of a 19-kg commercial LPG cylinder in Delhi has risen by ₹993, taking the retail price to ₹3,071.50. The price of the 5-kg free trade LPG cylinder has also increased by ₹261.

The rise in energy prices follows disruptions in global oil supply chains after the escalation of tensions involving Iran, Israel and the U.S. earlier this year.

Fuel retailers have not announced any revision in petrol and diesel prices so far. Retail rates remained unchanged on May 5 across key Indian cities despite volatility in global crude oil markets.