India’s Fuel Prices Remain Stable Amid Global Oil Market Fluctuations

Fuel prices in India continue to hold steady as oil marketing companies (OMCs) maintain the status quo. Since May 2022, petrol and diesel rates have largely remained unchanged due to tax interventions by both the central and state governments. This policy has helped shield consumers from the volatility of international crude oil prices.

Petrol and Diesel Prices in Top Cities (₹/L)

City	Petrol	Diesel
New Delhi	₹94.72	₹87.62
Mumbai	₹104.21	₹92.15
Kolkata	₹103.94	₹90.76
Chennai	₹100.75	₹92.34
Ahmedabad	₹94.49	₹90.17
Bengaluru	₹102.92	₹89.02
Hyderabad	₹107.46	₹95.70
Jaipur	₹104.72	₹90.21
Lucknow	₹94.69	₹87.80
Pune	₹104.04	₹90.57
Chandigarh	₹94.30	₹82.45
Indore	₹106.48	₹91.88
Patna	₹105.58	₹93.80
Surat	₹95.00	₹89.00
Nashik	₹95.50	₹89.50

How Are Fuel Prices Determined?

Fuel prices in India are adjusted daily at 6 a.m. by OMCs like Indian Oil, Bharat Petroleum, and Hindustan Petroleum. These revisions are based on global crude oil price trends, foreign exchange rates, and other market factors. However, the final retail price is also influenced by government policies, including excise duties, VAT by states, and dealer commissions.

Since 2022, despite global oil fluctuations, prices in India have remained largely stable. This is due to strategic excise duty cuts and tax adjustments by the government, offering some relief to consumers amid inflation concerns.

Why the Stability Matters

With inflation being a major concern globally, stable fuel prices help control transportation costs and limit cascading effects on essential goods. For a country heavily reliant on fuel imports, steady rates signal a balancing act between fiscal responsibility and public welfare.

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FAQs

Q1: Why haven’t petrol and diesel prices changed recently in India?
Prices have stayed steady due to excise duty cuts and state tax adjustments since May 2022.

Q2: Who decides fuel prices in India?
Fuel prices are revised by oil marketing companies (OMCs) based on international crude trends, but taxes and final pricing are regulated by the government.

Q3: Do fuel prices vary between cities?
Yes, due to differences in VAT, transportation, and dealer commissions, prices differ from city to city.

Q4: When are daily fuel prices updated?
Prices are revised every morning at 6 a.m. by OMCs.

Q5: What is the highest petrol price in India currently?
As of today, Hyderabad has the highest petrol price at ₹107.46/litre.

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Petrol and diesel prices in India remain steady today, May 28. Check current rates in major cities and learn why prices haven’t changed since May 2022.