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There will be no change in retail prices as the increase will be adjusted against the price cut that was warranted because of falling international oil prices, the government order said.
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While petrol sales had shown a year-on-year increase, diesel has been a laggard since monsoon and November was the first month that saw positive growth in consumption.
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The agency's estimates show that OMC's margins are much higher than what they are internationally in September 2024. Meanwhile, retail prices have remained unchanged since March 2024.
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At home, retail fuel prices are determined by the state-run OMCs based on international oil prices as India is dependent on imports for around 87 percent of its crude requirements.
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The benchmark Brent has been trading below $75 per barrel in September and closed at $71.45 a barrel on September 9 amid weakening global demand and signs of oversupply in the market.
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Indian Oil share price tanked over 5 percent on BSE on March 15 after the fuel price cut, while HPCL and BPCL were down by 6.24 percent and 3.74 percent, respectively
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Petrol prices in Delhi would now be Rs 94.72 per litre compared to Rs 96.72 per litre earlier.
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If crude supply is not disrupted any more, oil marketing companies may consider fuel retail price cuts, the minister said.
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In 2022, OMCs froze the retail fuel prices despite soaring crude oil to keep inflation in check, which dented their bottom line. However, oil prices moderated from record high in September 2023, helping OMCs return to profitability
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Pump prices were driven up by the cost of oil as producer group OPEC and its allies curbed output
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Crude prices have declined in the last few months amid inflation and recession worries, and have hovered around $75 a barrel. Crude prices touched an all-time high of $140 per barrel in March 2022.
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In Chennai, petrol was priced at Rs 102.63 a litre and diesel at Rs 94.24 a litre, while in Kolkata the fuels were priced at Rs 106.03 and Rs 92.76, respectively
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Oil prices fell on May 1 as jitters over the prospect of the U.S. Federal Reserve raising interest rates combined with weaker Chinese manufacturing data to erase earlier gains.
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In Chennai, prices of petrol and diesel stood at Rs 102.63/litre and Rs 94.24/litre, respectively, while in Kolkata both fuels are priced at Rs 106.03/litre and Rs 92.76/litre, respectively.
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In Delhi, petrol costs Rs 96.72 per litre while diesel is selling at Rs 89.62 a litre. On the other hand, in Mumbai, petrol is retailing at Rs 106.31, while diesel prices are Rs 94.27.
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In Delhi, petrol costs Rs 96.72 per litre while diesel is selling at Rs 89.62 a litre. On the other hand, in Mumbai, petrol is retailing at Rs 106.31, while diesel prices are Rs 94.27.
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In Delhi, petrol costs Rs 96.72 per litre while diesel is selling at Rs 89.62 a litre. On the other hand, in Mumbai, petrol is retailing at Rs 106.31, while diesel prices are Rs 94.27.
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Crude oil prices have edged up after a surprise OPEC+ decision to cut production. Investors will keenly parse the IEA's monthly monthly oil market outlook for signs of faltering demand due to slowdown fears.
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Petrol and diesel in Delhi are selling at Rs 96.72 and Rs 89.62 a litre, respectively. In Mumbai, petrol is being sold for Rs 106.31 per litre and diesel for Rs 94.27. Both the fuels are priced at Rs 102.63 and Rs 94.24 in Chennai and at Rs 106.03 and Rs 92.76 in Kolkata, respectively.
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Petrol and diesel in Delhi are selling at Rs 96.72 and Rs 89.62 a litre, respectively. In Mumbai, petrol is being sold for Rs 106.31 per litre and diesel for Rs 94.27.
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Petrol and diesel in Delhi cost Rs 96.72 per litre and Rs 89.62 a litre, respectively. In Mumbai, petrol is being sold for Rs 106.31 per litre and diesel for Rs 94.27 per litre.
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Petrol and diesel in Delhi cost Rs 96.72 per litre and Rs 89.62 a litre, respectively. In Mumbai, petrol is being sold for Rs 106.31 per litre and diesel for Rs 94.27 per litre.
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Petrol and diesel in Delhi cost Rs 96.72 per litre and Rs 89.62 a litre, respectively. In Mumbai, petrol is being sold for Rs 106.31 per litre and diesel for Rs 94.27 per litre.
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Petrol and diesel in Delhi cost Rs 96.72 per litre and Rs 89.62 a litre, respectively. In Mumbai, petrol is being sold for Rs 106.31 per litre and diesel for Rs 94.27 per litre.
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Petrol and diesel in Delhi cost Rs 96.72 per litre and Rs 89.62 a litre, respectively. In Mumbai, petrol is being sold for Rs 106.31 per litre and diesel for Rs 94.27 per litre.
