Petrol Diesel price: In response to U.S. and Israeli airstrikes on Iran on February 28 and Iran’s counterstrike, the international oil markets reacted dramatically, pushing up oil prices throughout the world and causing international crude oil prices to spike significantly above $110 per barrel for the first time since early 2021. In late May 2022, oil was priced at about $70 per barrel but was expected to average over $114 per barrel by late April of this year.
The Indian government has not raised prices on petrol and diesel since early April 2022 in what has surprised many observers given the continuing increase in world energy prices. As a result, a growing gap has developed between world oil prices and prices on domestic fuel in India.
Why Petrol Diesel Price Has Not Changed Despite Global Oil Surge
As per reports, last week, a senior oil ministry official revealed that state-run fuel retailers are under heavy pressure due to the unchanged petrol diesel price. According to the official, companies are facing losses of around Rs 20 per litre on petrol and nearly Rs 100 per litre on diesel because prices have not been revised for almost four years.
At the same time, it is important to note that these state-run oil companies had earlier earned strong profits when global crude prices were low over the past couple of years. During that period, the petrol diesel price remained mostly stable, allowing companies to balance their finances to some extent.
Petrol Diesel Price Outlook As Oil Companies And Government Respond
Reports say that, on Friday, Indian Oil Corporation (IOC), speaking on behalf of the industry, said that the petrol diesel price would remain unchanged for now, even as global oil rates continue to climb. This statement has provided temporary relief to consumers.
However, government sources told PTI that a future increase in petrol diesel price cannot be ruled out. This means that while there is no immediate hike, the situation may change depending on how global oil prices move in the coming weeks.
Petrol Diesel Price Rumours And PIB Clarification On Fake Order
Amid rising concerns, rumours about a sharp hike in petrol diesel price started circulating on social media. Some posts claimed that petrol and diesel prices had been increased by ₹10 and ₹12.50 respectively.
The Press Information Bureau (PIB) quickly dismissed these claims. “An order circulating on social media claims to be issued by the Ministry of Petroleum and Natural Gas, stating that petrol and diesel prices have been increased by Rs 10 and Rs 12.50, respectively,” PIB said on X., adding, “This order is #FAKE. The Government of India has NOT issued any such Order.”
Petrol Diesel Price And Government Strategy To Handle Crisis
Union Minister Hardeep Singh Puri spoke about how India managed the global energy crisis and controlled the petrol diesel price impact on consumers. He said the country expanded its crude sourcing network significantly over the years.
“Because preparations made over the last 10 years, the decade, came into play exactly when they were needed. We diversified our sources; crude sourcing has now expanded from 27 countries to 41,” he said. This diversification helped India deal better with global supply disruptions.
Petrol Diesel Price Shield Measures And Today’s City-Wise Rates
Puri also explained the steps taken to prevent a sharp rise in petrol diesel price for consumers. “When crude prices moved up sharply, our oil marketing companies carried under recoveries that would normally have translated into a direct retail increase. Excise duty was cut, export levies were used to keep Indian products in Indian markets,” he said.
Meanwhile, here are the latest petrol prices across major Indian cities:
| City | Price | Price Change |
| New Delhi | ₹94.77 | 0 |
| Kolkata | ₹105.41 | -0.04 |
| Mumbai | ₹103.54 | 0 |
| Chennai | ₹101.06 | 0.26 |
| Gurugram | ₹95.30 | -0.27 |
| Noida | ₹94.77 | -0.03 |
| Bengaluru | ₹102.96 | 0 |
| Bhubaneswar | ₹101.03 | 0.05 |
| Chandigarh | ₹94.30 | 0 |
| Hyderabad | ₹107.46 | 0 |
| Jaipur | ₹105.03 | -0.37 |
| Lucknow | ₹94.73 | -0.04 |
| Patna | ₹105.23 | 0 |
| Thiruvananthapuram | ₹107.48 | 0 |
Even as global prices remain volatile, the petrol diesel price in India continues to stay steady for now, though future changes remain a possibility.
Khalid Qasid is a media enthusiast with a strong interest in documentary filmmaking. He holds a Master’s degree in Convergent Journalism from AJK MCRC. He has also written extensively on esports at Sportsdunia. Currently, he covers world and general news at NewsX Digital.
