Fuel prices across India remained steady on Wednesday, June 17, even as global crude oil benchmarks continued to retreat following signs of easing tensions between the US and Iran.
After months of conflict that had disrupted market sentiment and pushed energy prices higher, the two countries recently reached a peace agreement, reducing concerns over global oil supplies. The development has triggered a sharp correction in crude prices, with Brent crude hovering near the $79-per-barrel mark.
No relief yet for consumers
Despite the decline in international oil prices, retail petrol and diesel rates have not been revised by oil marketing companies. Fuel prices had witnessed four separate hikes since the outbreak of the US-Iran conflict, with the latest increase announced last month. Overall, petrol and diesel rates have risen by around Rs 7.5 to Rs 8 per litre during the period of geopolitical uncertainty.
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In the national capital, petrol continues to be sold at Rs 102.12 per litre, while diesel is priced at Rs 95.20 per litre.
Latest petrol and diesel rates
Among major metros, petrol is retailing at Rs 111.21 per litre in Mumbai, Rs 113.51 per litre in Kolkata and Rs 108.01 per litre in Chennai. In Hyderabad and Bengaluru, petrol prices stand at Rs 115.73 and Rs 110.89 per litre, respectively.
Diesel prices remain at Rs 97.83 per litre in Mumbai, Rs 99.82 in Kolkata and Rs 99.66 in Chennai. Consumers in Hyderabad are paying Rs 103.82 per litre for diesel, while the fuel costs Rs 98.80 per litre in Bengaluru.
OMC losses narrow significantly
Oil marketing companies have seen a substantial reduction in under-recoveries in recent weeks. According to data released by the Ministry of Petroleum and Natural Gas, petrol under-recoveries have dropped to Rs 3 per litre from Rs 24 per litre recorded on April 1. Diesel under-recoveries have also declined sharply to Rs 27 per litre from Rs 105 per litre.
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Why fuel prices differ across cities
Apart from international crude prices, domestic fuel rates are influenced by the rupee-dollar exchange rate, transportation costs and taxes imposed by the Centre and state governments. Variations in state VAT rates are one of the key reasons petrol and diesel prices differ from city to city.
FAQs:
What is the petrol price in West Bengal today?
Petrol is priced at Rs 113.51 per litre in Kolkata on June 17, though rates may vary slightly across districts in West Bengal.
Why have petrol and diesel prices not fallen despite crude oil prices dropping?
Fuel prices remain unchanged as oil marketing companies continue to balance costs, taxes, and recent under-recoveries despite the decline in global crude oil prices.
