Diesel, Petrol Prices In India Unlikely To Go Down Anytime Soon: Report

Petrol, Diesel Prices in India: The latest development comes amid expectations in the market that fuel prices in India might be slashed due to cheaper crude oil.

Petrol, Diesel Prices Latest Update: The petrol and diesel prices in India are unlikely to go down anytime soon as oil marketing companies (OMCs) have to recover accumulated losses of Rs 18,000 crore due to high crude prices in earlier quarters, according to a report by CNBC-TV18. The development comes amid expectations in the market that fuel prices in India might be slashed due to cheaper crude oil.

After the bank collapses in the US including Silicon Valley Bank and Signature Bank, brent crude oil prices have fallen to $75.03 per barrel, compared with over $100 per dollar a year ago.

No Change In Fuel Prices

Notably, the fuel prices in India have been stagnant for several months since May 2022, when Finance Minister Nirmala Sitharaman reduced the prices by Rs 8 per litre for petrol and Rs 6 per litre for diesel by slashing the excise duty.

As per the CNBC-TV18 report, the government sources said it may take a long time for the oil marketing companies to recover losses worth over Rs 18,000 crore, dismissing the possibility of a price cut at this stage.

What Petroleum Ministry Says on Fuel Price

In reply to a question on fuel prices, the Petroleum Ministry had earlier said that while crude oil price (Indian basket) in rupee per barrel terms has increased by 23 per cent from December 2021 to March 2023, increase in Retail Selling Price of Petrol and Diesel at Delhi has only been 1.08 per cent and 3.40 per cent respectively.”

The ministry further added that the prices of Petrol and Diesel have not been increased by public sector Oil Marketing Companies (OMCs) since 6th April 2022, despite record high international prices.

Petrol Price in 4 Metro Cities

 1- Petrol Prices in Delhi

As on Friday, petrol in Delhi is being sold at Rs 96.72 per litre, while diesel is retailing at Rs 89.62 per litre.

2- Petrol Price in Chennai

In Chennai, petrol is being sold at Rs 102.73 per litre, and diesel is priced at Rs 94.33 per litre.

3- Petrol Price in Mumbai

In Mumbai, petrol is being sold at Rs 106.31 per litre, while diesel is sold at Rs 94.27 per litre.

4- Petrol Price in Kolkata

In Kolkata, the cost of petrol remained same at Rs 106.03 per litre, while diesel is being sold for Rs 92.76 per litre.