Petrol And Diesel Prices Remain Unchanged On April 23 Despite High Crude Oil Prices

There was no change in petrol and diesel prices in important Indian cities on April 23, as crude oil prices remained high globally despite geopolitical factors, as per the latest figures provided by state-owned oil marketing firms.

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Fuel Prices In Major Cities

In addition to these cities, petrol in Ahmedabad is priced at ₹94.49 per litre and diesel at ₹90.16 per litre. In Patna, petrol costs ₹105.71 per litre and diesel ₹91.49 per litre. Lucknow recorded petrol at ₹95.34 per litre and diesel at ₹88.50 per litre.

Global Oil Prices And Domestic Impact

Global crude oil prices continued to rise for the fourth consecutive session, supported by geopolitical tensions in West Asia, according to Reuters. Brent crude traded near $106 per barrel, while U.S. West Texas Intermediate (WTI) hovered around $97 per barrel.

The rise in the cost of global oil is happening despite the ongoing conflict between the United States and Iran, and even reports of disruptions in the Strait of Hormuz, an important shipping lane for oil worldwide. While the United States continues to have a naval blockade against Iranian shipments, Iran has limited movement within the region.

Factors Influencing Indian Fuel Costs

Indian fuel costs are mainly driven by the price of crude oil in the international market, as India relies heavily on imported oil. The rupee-dollar exchange rate also plays a role, as oil imports are priced in dollars.

In addition, central excise duty and state-level value-added tax (VAT) contribute to the final retail prices, resulting in variations across cities, according to data from the Ministry of Petroleum and Natural Gas.

LPG Price Update

Commercial LPG cylinder prices were increased by ₹195.50 on April 1, taking the cost of a 19-kg cylinder in Delhi to ₹2,078.50, according to state-run oil companies. This followed a previous hike of ₹114.50 on March 1.

Domestic LPG prices remain unchanged after the last revision on March 7, when prices were increased by ₹60 per 14.2-kg cylinder. The current price stands at ₹913 per cylinder in Delhi, as per PTI data.

Fuel prices across India continue to remain stable on April 23, even as global crude oil markets show sustained volatility due to ongoing geopolitical developments.