Petrol, Diesel Prices Rising Again As Brent Crude Crosses $111? Check Fuel Rates In Delhi, Mumbai, Chennai, Hyderabad And More

Fuel Rates Today: As Indian households were coming to terms with the higher fuel and transportation costs, another round of price hikes has brought petrol, diesel and CNG prices back into focus.

Geopolitical tensions in the Middle East have soured sentiment in the energy market, sending oil prices higher around the globe. Brent crude has pushed through the key $111 a barrel level, and NYMEX crude is also approaching the $110 a barrel level.

India imports nearly 85% of its crude oil requirements, and higher global oil prices often lead to pressure on fuel prices, inflation and transport costs.

Broking firm Elara Capital believes the hike may not be enough to cover the losses suffered by oil marketing companies, especially in the wake of the recent conflict-driven oil rally.

Whether it is petrol for private vehicles, diesel for transport fleets, CNG for daily commuters or LPG and PNG for households, rising fuel costs are again a major concern for consumers.

Petrol Prices In Major Cities

Several cities have hiked petrol prices by Rs 3 per litre recently. Here’s what rates look like today:

Diesel Prices In India Today

Diesel prices also increased by Rs 3 per litre due to rising global crude prices.

The increase is likely to hit logistics, transport and freight costs across sectors, which could eventually hit prices of daily-use goods as well.

CNG Prices Revised Again Within Days

The rising prices of energy have also hit the CNG consumers.

CNG prices in Delhi-NCR were hiked twice in a week, taking the total hike to Rs 3 per kg.

Indraprastha Gas Limited (IGL) on Sunday hiked the price of CNG once again after the company had increased it earlier this week. The latest revision in the national capital has seen CNG prices cross Rs 80 per kg.

The hike would put pressure on cab fares, autorickshaw rates and transport costs in Delhi-NCR.

Today’s LPG Cylinder Rates

Energy prices are volatile across the globe, and fuel prices are expected to remain volatile. Focus is also on the rates of LPG cylinders. The latest revision has kept the rates for domestic LPG cylinders, but commercial LPG cylinders remain costlier in major cities.

The hike in commercial LPG is likely to continue hurting restaurants, food delivery companies and small commercial outlets. Households are also monitoring any further changes in the rates of domestic LPG cylinders.

Why are petrol prices rising?

The precipitous climb in the price of crude oil on the international market is the direct reason for the price increase in fuel. This market is highly unstable and was driven upwards even before by worries over geopolitical friction in the Middle East and the consequences for the supply.

Also Read: Oil Prices Today: Brent Crude Nears $111 After UAE Power Plant Attack — Major Shock Coming?

(Disclaimer: This article is for informational purposes only and should not be considered investment advice. The views, opinions, and recommendations expressed herein are those of the respective experts. Readers are advised to consult a qualified financial advisor before making any investment decisions.)