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Fuel prices across India held steady on May 16 after petrol and diesel rates were hiked in India by \u20b93 per litre across various cities on Friday, as global crude markets remain volatile due to the ongoing conflict in West Asia and disruption of traffic at the Strait of Hormuz.\u00a0<\/p>
In Delhi, petrol now costs \u20b997.77 per litre, while diesel is priced at \u20b990.67 per litre. Across other metro cities, the fuel price hike ranged from \u20b92.83 per litre to \u20b93.29 per litre.<\/p>
DO CHECKOUT |\u00a0BT Explainer: Why UAE\u2019s new Hormuz bypass oil pipeline matters for India and global markets<\/strong><\/p> Prices remain higher in Mumbai, where petrol is selling at \u20b9106.68\u00a0per litre and diesel at about \u20b993.14 per litre. Petrol prices in Hyderabad have neared the \u20b9111 per litre mark.\u00a0<\/p> Check latest petrol prices here<\/strong><\/p> Fuel prices in key cities (May 16)<\/strong><\/p> Check latest diesel prices here<\/strong><\/p> What drives petrol and diesel prices in India?<\/strong><\/p> Fuel prices at the pump are shaped by a combination of global, economic, and domestic factors. 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.<\/p> MUST READ |\u00a0Highway fuel crunch: Several pumps in 6 states ration supply amid replenishment delays<\/strong><\/p> 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.<\/p> Why do prices differ across different cities?<\/strong><\/p> 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.<\/p> <\/div> petrol rate, diesel rate, petrol diesel rate, petrol price, diesel price, petrol diesel price, petrol rate today, diesel rate today, petrol diesel rate today, petrol price today, diesel price today, petrol diesel price today, petrol rate in delhi, diesel rate in delhi, petrol diesel rate in delhi, petrol price in delhi, diesel price in delhi, petrol diesel price in delhi, petrol rate in mumbai, diesel rate in mumbai, petrol diesel rate in mumbai, petrol price in mumbai, diesel price in mumbai, petrol diesel price in mumbai, petrol rate in bengaluru, diesel rate in bengaluru, petrol diesel rate in bengaluru, petrol price in bengaluru, diesel price in bengaluru, petrol diesel price in bengaluru, petrol rate in chennai, diesel rate in chennai, petrol diesel rate in chennai, petrol price in chennai, diesel price in chennai, petrol diesel price in chennai, 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City<\/strong><\/td> Petrol (\u20b9\/litre)<\/strong><\/td> Diesel (\u20b9\/litre)<\/strong><\/td> <\/tr> Delhi<\/td> 97.77<\/td> 90.67<\/td> <\/tr> Hyderabad<\/td> 110.89<\/td> 98.96<\/td> <\/tr> Kolkata<\/td> 108.70<\/td> 95.13<\/td> <\/tr> Mumbai<\/td> 106.68<\/td> 93.14<\/td> <\/tr> Bengaluru<\/td> 106.21<\/td> 94.10<\/td> <\/tr> Chennai<\/td> 103.67<\/td> 95.25<\/td> <\/tr> <\/tbody> <\/table>