Petrol and Diesel Prices Remain Unchanged on May 4 on Results Day

On May 4, there was no change in the prices of petrol and diesel in India as the oil marketing companies decided to keep the prices unchanged despite the high crude oil prices and unrest in West Asia.

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The pause in fuel price revisions comes on the day assembly election results are being announced for West Bengal, Tamil Nadu, Assam, Kerala and Puducherry.

In the national capital, petrol continued to retail at ₹94.77 per litre, while diesel remained unchanged at ₹87.67 per litre. Mumbai continued to record higher fuel prices, with petrol at ₹103.54 per litre and diesel at ₹90.03 per litre.

Petrol prices also remained above ₹100 per litre in cities including Hyderabad, Kolkata, Bengaluru and Chennai.

Fuel Prices In Major Cities On May 4

The global crude oil market continued to be volatile due to the disruptions in West Asia and worries about the shipping channels associated with the Strait of Hormuz. The Brent crude prices have been high recently due to supply worries in the international market.

India gets most of its crude oil from other countries, so changes in the price of oil and the value of the rupee can have a big effect on fuel prices in India. A weaker rupee against the U.S. dollar increases the cost of crude imports for oil marketing companies.

There is also variability in retail fuel prices due to the variability in the value added tax charged by different state governments. The costs incurred in transportations, commission for dealers, and other charges make a significant contribution to the variability in the cost of petrol and diesel among cities.

Oil marketing companies revise fuel prices on a daily basis depending on international crude prices and currency values. Despite the volatility in the international crude price, retail fuel prices have not been revised recently.

From the public data available from the oil marketing companies, there has been no revision in the prices of petrol and diesel on May 4th. Customers in all the major cities paid the same prices as the previous day.

The stability in fuel prices comes even as global energy markets continue to monitor geopolitical developments and supply disruptions that have kept crude oil prices elevated in the international market.