Fuel prices across India remained largely unchanged on July 8, despite Brent crude oil falling to a four-month low as geopolitical tensions eased. Although global crude prices have declined sharply, consumers are unlikely to see an immediate cut in petrol and diesel prices.
Union Petroleum and Natural Gas Minister Hardeep Singh Puri said domestic fuel retailers are still working through inventories of higher-priced crude oil that was purchased during the peak of the West Asia crisis.
Petrol and diesel prices have remained steady since May 25, when state-owned Oil Marketing Companies (OMCs) raised petrol prices by ₹2.61 per litre and diesel prices by ₹2.71 per litre.
In Delhi, petrol continues to be priced above ₹100 per litre at ₹102.12, while diesel is retailing at ₹95.20 per litre.
Mumbai has also continued to see petrol prices above the ₹110 mark, with petrol selling at ₹111.21 per litre and diesel at ₹97.83 per litre.
Don’t Miss: ‘If crude remains at current level…’: Hardeep Puri on when petrol, diesel prices may come down
In other major cities, including Bengaluru, Hyderabad and Kolkata, petrol prices remain above ₹110 per litre. Diesel prices are below ₹100 in these cities, except in Hyderabad, where diesel is priced at ₹103.82 per litre.
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Fuel prices in key cities (July 8)
| City | Petrol (₹/litre) | Diesel (₹/litre) |
| Delhi | 102.12 | 95.20 |
| Hyderabad | 115.69 | 103.82 |
| Kolkata | 113.51 | 99.82 |
| Mumbai | 111.21 | 97.83 |
| Bengaluru | 111.68 | 99.56 |
| Chennai | 107.76 | 99.55 |
Check latest diesel rates here
Meanwhile, Rosneft-backed Nayara Energy last week reduced petrol prices by ₹5 per litre and diesel prices by ₹3 per litre across its network of nearly 7,000 fuel stations.
What drives petrol and diesel prices in India?
A combination of global, economic, and domestic factors shapes fuel prices at the pump. At the heart of it is the international price of crude oil, the base raw material for both petrol and diesel, which has the single biggest bearing on what consumers ultimately pay.
The rupee-dollar exchange rate is another key variable, given that India relies heavily on imported crude. When the rupee weakens against the dollar, the cost of procuring crude rises, which can feed directly into higher retail fuel prices.
Why do prices differ across different cities?
On top of that, taxes levied by both the central and state governments make up a substantial portion of the final price, which is why petrol and diesel rates differ across states. Transportation costs and prevailing demand-supply conditions also factor into the retail price consumers see at the pump.
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