Petrol And Diesel Rates Hold Steady Across Major Cities On 14 May

Petrol and diesel prices were unchanged in several key cities on Wednesday, 14 May, as oil marketing companies maintained retail fuel rates despite volatility in global energy markets.

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The fuel prices in New Delhi remained constant at ₹94.77 and ₹87.67 per litre for petrol and diesel, respectively. Rates in Mumbai also stayed put at ₹103.54 and ₹90.03 a litre for petrol and diesel, respectively.

A couple of other cities saw marginal variations in prices due to some local taxation. Petrol prices increased by ₹0.04 per litre in Kolkata to ₹105.45, and in Bengaluru, petrol prices were ₹0.04 higher at ₹102.96 per litre. In Patna, the prices increased by ₹0.31 per litre to ₹105.54 per litre.

Diesel prices in Lucknow increased by ₹0.01 to ₹87.86 per litre, while Patna recorded a ₹0.29 rise to ₹91.78 per litre.

Fuel Prices In Major Cities On 14 May

Global Crude Prices Remain Elevated

Global crude oil prices remained high due to the risk of supply disruptions owing to tensions prevailing in West Asia. As per reports from Reuters, uncertainty in the Strait of Hormuz, a key oil route in the world, has been driving the volatility in energy markets.

Over 85% of the country’s crude oil needs are met through imports; hence, domestic oil prices are influenced by international crude prices and shipping costs.

Prime Minister Narendra Modi recently urged citizens to conserve fuel and reduce unnecessary consumption amid rising pressure on global energy supplies. The government has not announced any fuel rationing measures or nationwide retail price revision so far.

According to data from oil marketing companies, fuel prices continue to vary across states because of differences in value-added tax (VAT), freight charges and local levies.

Pressure On Oil Marketing Companies

As per reports, state-run fuel retailers are absorbing part of the increase in crude oil costs to prevent a sharp rise in retail fuel prices. Higher crude prices generally impact the margins of oil marketing companies when pump rates are not revised in line with global benchmarks.

The current situation has also renewed focus on India’s long-term energy security plans, including ethanol blending, expansion of electric mobility and alternative fuel adoption.

For now, petrol and diesel prices remain stable across most cities, although global crude movements and geopolitical developments continue to be monitored closely by the energy sector.