Petrol And Diesel Prices On May 7: Latest Petrol And Diesel Prices In Delhi, Mumbai, Bangalore, And Other Cities

There was very little fluctuation in petrol and diesel prices in major Indian cities on May 7, as the price of petrol in Mumbai was ₹103.54, while in other cities like Delhi, Kolkata, Bangalore, and more, prices have been relatively stable despite the international crude oil prices remaining volatile.

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The fuel prices remained under constant pressure owing to the disruption of the Strait of Hormuz. Brent crude traded near $113 per barrel during the week, while West Texas Intermediate crude hovered near $96 per barrel.

Petrol And Diesel Prices In Major Cities

Global Crude Oil Prices Remain Elevated

Crude oil prices remained volatile as the Strait of Hormuz continued to face disruptions linked to the ongoing West Asia conflict. The route handles nearly one-fifth of global oil and gas shipments.

Brent crude futures declined nearly 1.10% during the latest session after earlier crossing the $101 per barrel mark this week. West Texas Intermediate crude traded around $96 per barrel.

According to market reports, the U.S. and Iran are reviewing a fresh proposal aimed at easing tensions and reopening shipping routes through Hormuz. U.S. President Donald Trump said discussions were ongoing regarding a possible framework agreement related to the conflict.

Rupee Recovers Against U.S. Dollar

The Indian rupee strengthened by 69 paise on Wednesday to close at 94.49 against the U.S. dollar after crude oil prices retreated from recent highs.

At the interbank foreign exchange market, the rupee opened at 95 against the dollar and later touched an intraday high of 94.38 before settling at 94.49.

Indian Markets End Higher

Indian equity benchmarks ended higher on Wednesday amid easing crude prices and optimism around possible diplomatic progress in West Asia.

The Sensex rose 940.73 points, or 1.22%, to close at 77,958.52, while the Nifty 50 gained 298.15 points, or 1.24%, to settle at 24,330.95. Broader markets also ended in positive territory.

Domestic fuel prices have so far remained relatively stable despite sharp movements in global oil markets. Fuel prices may continue to change in the next few days if there are any major changes in crude oil prices or tensions between countries.