Price Of Petrol And Diesel Not Altered In Indian Cities On April 29 Despite Crude Oil Rates

The prices of petrol and diesel were unchanged in all of India's major cities on April 29, amidst sustained high crude oil prices due to problems prevailing in the Middle East.

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According to state-owned oil marketing companies, petrol in Delhi continued to retail at ₹94.77 per litre, while diesel remained at ₹87.67 per litre. In Mumbai, petrol was priced at ₹103.54 per litre and diesel at ₹90.03 per litre.

Fuel Rates On April 29

Oil prices remained elevated in global markets on April 29. Brent crude was trading close to $111 a barrel after gaining about 2.8% the previous day, while WTI crude was trading close to $99 a barrel.

The rise in crude oil prices occurred amid growing tensions surrounding the Iran dispute and the disruption of shipping in the Strait of Hormuz, one of the world’s most important oil shipping routes. Comments from former U.S. President Donald Trump regarding discussions linked to easing the naval blockade also kept energy markets volatile.

Factors Affecting Fuel Prices

Fuel prices in India are linked to international crude oil prices since the country imports a large share of its crude oil requirement. The rupee-dollar exchange rate also affects domestic fuel costs.

Apart from global prices, excise duty charged by the Centre and value-added tax imposed by states influence retail petrol and diesel rates. This results in fuel prices varying across cities.

Brokerage firm Emkay Global Financial Services said continued disruption around the Strait of Hormuz could increase pressure on oil marketing companies. The brokerage noted that a possible fuel price revision may be required if crude prices remain elevated for a prolonged period.

Commercial LPG cylinder prices were last increased by ₹195.50 on April 1 due to higher global crude prices. According to oil companies, a 19-kg commercial LPG cylinder currently costs ₹2,078.50 in Delhi. Domestic LPG prices remain unchanged after the ₹60 increase announced in March.

Oil marketing companies continue to revise fuel prices daily based on global benchmarks and currency movements, while domestic retail rates have remained unchanged for now.