NEW DELHI: Petrol and diesel prices remained unchanged across major cities in India on Thursday, even as global crude oil prices continued to rise amid geopolitical uncertainty in West Asia. Government sources, however, have not ruled out a possible fuel price hike in the near future as oil marketing companies continue to face mounting losses due to a four-year freeze in retail fuel prices despite the sharp rise in crude oil costs.
Losses for Oil Marketing Companies
According to sources, oil marketing companies are currently selling petrol at a loss of around Rs 14 per litre and diesel at a loss of nearly Rs 18 per litre. These losses have accumulated over time as retail prices have been kept static while international crude prices have surged.
Current Fuel Prices in Major Cities
In Delhi, petrol continued to retail at Rs 94.77 per litre, while diesel remained unchanged at Rs 87.67 per litre. Fuel prices remained higher in Mumbai, where petrol was being sold at Rs 103.50 per litre and diesel at around Rs 90.01 per litre.
- Delhi: Petrol Rs 94.77, Diesel Rs 87.67
- Mumbai: Petrol Rs 103.49, Diesel Rs 90.03
- Kolkata: Petrol Rs 104.99, Diesel Rs 91.81
- Chennai: Petrol Rs 100.79, Diesel Rs 92.39
Global Oil Prices Fluctuate
Global oil prices rose in early trade on Thursday after witnessing a sharp fall in the previous session, as investors assessed the prospects of a possible Middle East peace deal. Brent crude futures rose 88 cents, or 0.9 per cent, to $102.15 per barrel, while U.S. West Texas Intermediate crude gained $1.12, or 1.2 per cent, to $96.20 per barrel. Both benchmarks had fallen more than 7 per cent on Wednesday, touching two-week lows amid optimism over a possible end to the Middle East conflict.
The ongoing geopolitical tensions in West Asia have contributed to volatility in global oil markets, impacting fuel prices worldwide. In India, the government and oil companies are closely monitoring the situation to balance consumer interests with the financial health of state-owned fuel retailers.
