Petrol, Diesel Prices Today: Fuel Rates Hold Steady As Centre Raises Export Duties

Retail fuel prices remained unchanged in Delhi, Mumbai, Bengaluru, Kolkata and other major cities on July 16. State-run oil marketing companies determine domestic petrol and diesel prices, which means short-term movements in international crude oil prices do not immediately translate into changes at fuel stations.

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Centre Revises Windfall Tax On Fuel Exports

The Centre has increased the windfall tax on diesel and aviation turbine fuel exports by ₹7 per litre each amid a rise in global crude oil prices linked to the continuing conflict in West Asia. The export duty on diesel now stands at ₹15.5 per litre, while the levy on aviation turbine fuel has risen to ₹14.5 per litre.

At the same time, the export duty on petrol has been reduced to ₹2.5 per litre from ₹4 per litre.

Brent Crude Price Rises Amid Supply Concerns

Brent crude futures rose 0.4% to $85.28 a barrel, gaining 33 cents at 0026 GMT, Reuters reported. The rise came as renewed hostilities raised concerns over disruptions to oil production, refining capacity and shipments through key export routes.

Goldman Sachs has estimated that Brent crude price could climb to as high as $110 a barrel in the fourth quarter if the recovery in Gulf exports remains delayed. The bank has also indicated that a faster easing of tensions and quicker production recovery could push crude oil price into the $60s by the end of the year.

The conflict has also affected market concerns around the Strait of Hormuz, a key route for global energy shipments. U.S.-assisted tanker transits through the Persian Gulf reached double digits on Tuesday night, while nearly 300 vessels crossed the waterway over the previous week, with about half receiving assistance from U.S. forces, according to reports.

Carlyle Group senior adviser Jeff Currie said the situation had worsened with risks affecting both shipping routes and energy infrastructure.

For Indian consumers, however, the immediate impact on petrol price and diesel price remains limited as domestic retail rates have not changed. The latest duty changes and the movement in Brent crude price will continue to be monitored for their potential impact on fuel exports and broader energy markets.