Petrol and diesel prices remained steady across major Indian cities on Friday, even as global crude oil prices witnessed a sharp surge, indicating no immediate impact on domestic fuel rates. The Indian Oil Corporation (IOC) confirmed that there has been no revision in retail fuel prices, ensuring stability for consumers.
Government Revises Export Levies
The central government on Thursday revised export levies on petroleum products for the fortnight starting May 1. The duty on diesel has been reduced to Rs 23 per litre, and on aviation turbine fuel (ATF) to Rs 33 per litre, while petrol exports remain duty-free. The finance ministry stated that there will be no change in excise duties on petrol and diesel meant for domestic consumption.
The special additional excise duty on diesel exports has been reduced from Rs 55.5 per litre to Rs 23 per litre, and on ATF from Rs 42 per litre to Rs 33 per litre. The road and infrastructure cess on diesel exports will also be nil for the next fortnight.
Petrol and Diesel Rates in Major Cities
Petrol and diesel rates remained steady across major metros. In Delhi, petrol is priced at Rs 94.77 per litre, while diesel is at Rs 87.67 per litre. In Mumbai, petrol costs around Rs 103.50 per litre and diesel about Rs 90.01 per litre. Chennai has petrol prices near Rs 100.7 per litre and diesel close to Rs 92.3 per litre.
Other cities include Kolkata (petrol Rs 105.41, diesel Rs 92.02), Gurugram (petrol Rs 95.30, diesel Rs 87.77), Noida (petrol Rs 94.77, diesel Rs 87.89), Bengaluru (petrol Rs 102.96, diesel Rs 90.99), Bhubaneswar (petrol Rs 101.03, diesel Rs 92.60), Chandigarh (petrol Rs 94.30, diesel Rs 82.45), Hyderabad (petrol Rs 107.46, diesel Rs 95.70), Jaipur (petrol Rs 105.03, diesel Rs 90.49), and Lucknow (petrol Rs 94.73, diesel Rs 87.86).
Global Crude Oil Prices Surge
This development comes as global crude oil prices have surged following escalating tensions in West Asia after US and Israeli strikes on Iran earlier this year. Prices jumped to around $126 per barrel from about $73 before the conflict. The government stated that the windfall tax was aimed at disincentivising exports to safeguard domestic fuel availability during the crisis.
Commercial LPG Prices Increase
Meanwhile, commercial LPG prices have increased sharply, adding pressure on businesses. The price of a 19 kg commercial LPG cylinder has risen by Rs 993, taking the cost in Delhi to Rs 3,071.50. The 5 kg free trade LPG cylinder has also been hiked by Rs 261. However, there has been no change in domestic LPG prices. The 14.2 kg household cylinder continues at existing rates, benefiting around 33 crore consumers. The revision applies only to commercial and bulk LPG categories. Since India imports a large share of its LPG needs, prices of commercial cylinders are linked to global benchmarks and revised monthly.
