Petrol and Diesel Price Update Today: Crude Oil Hits $66, Latest Fuel Rates in Delhi, Mumbai, Chennai & Kolkata

Petrol and Diesel Price Update Today: Crude Oil Hits $66, Latest Fuel Rates in Delhi, Mumbai, Chennai & Kolkata

The price of petrol and diesel has always been one of the most discussed topics in India. With millions of commuters relying on fuel daily, even a slight fluctuation in rates can have a direct impact on household budgets and the economy at large. On Tuesday morning, state-run oil companies announced fresh fuel prices, reflecting changes influenced by global crude oil trends.

In this detailed report, we will cover the latest petrol and diesel price update, how international crude oil rates are shaping India’s domestic fuel market, city-wise fuel rates, and why fuel prices remain unchanged in major metro cities like Delhi and Mumbai.

Crude Oil Price Movement: Brent and WTI Rise Slightly

The global crude oil market witnessed a marginal rise in the last 24 hours. Brent crude, a benchmark for global oil trade, climbed to $66.02 per barrel, while WTI crude settled at $62.45 per barrel. These price movements play a critical role in determining India’s fuel prices since the country imports over 80% of its crude oil requirements.

A rise in crude oil usually puts upward pressure on petrol and diesel prices, but taxation policies and daily adjustments by oil marketing companies (OMCs) also influence the final rates consumers pay at the pump.

Fuel Price Revision: How India Adjusts Rates Daily

In India, the petrol and diesel prices are revised every day at 6:00 a.m. by state-run oil companies. These revisions are based on the international crude oil market, currency exchange rates, and additional levies like excise duty, VAT, and dealer commission.

While the base price of crude oil is much lower, after adding these taxes and commissions, the final retail price nearly doubles, making petrol and diesel among the costliest essential commodities for the average consumer.

Petrol and Diesel Prices in Major Indian Cities

Despite the latest adjustments, prices in the four major metro cities remained unchanged. Here’s the latest update:

• Delhi: Petrol – ₹94.72 per liter, Diesel – ₹87.62 per liter
• Mumbai: Petrol – ₹103.44 per liter, Diesel – ₹89.97 per liter
• Chennai: Petrol – ₹100.76 per liter, Diesel – ₹92.35 per liter
• Kolkata: Petrol – ₹104.95 per liter, Diesel – ₹91.76 per liter

These stable prices in metro cities often serve as benchmarks for other regions, though state taxes can lead to significant variations.

City-Wise Petrol and Diesel Price Changes Today

While metro cities held steady, several cities in Uttar Pradesh and Haryana recorded changes in their fuel prices.

• Noida (Gautam Budh Nagar, Uttar Pradesh):
  • Petrol – ₹94.77 per liter (↑6 paise)
  • Diesel – ₹87.89 per liter (↑8 paise)
• Ghaziabad (Uttar Pradesh):
  • Petrol – ₹94.70 per liter (↑12 paise)
  • Diesel – ₹87.81 per liter (↑14 paise)
• Gurugram (Haryana):
  • Petrol – ₹95.18 per liter (↓8 paise)
  • Diesel – ₹87.65 per liter (↓8 paise)

The fluctuations in these cities highlight how regional tax differences and OMC adjustments create varying price trends across states.

Why Are Fuel Prices So High in India?

Consumers often question why petrol and diesel remain so expensive despite crude oil being significantly cheaper in the international market. The answer lies in taxation and commissions.

1. Excise Duty (Central Government Tax) – A significant portion of fuel cost goes to central taxes.
2. State VAT (Value Added Tax) – Each state levies its own VAT, which can lead to wide differences in prices across states.
3. Dealer Commission – Petrol pumps earn commissions that are added to the consumer price.
4. Other Levies – Infrastructure charges and logistics costs further raise the retail price.

When all these factors are combined, the base price of crude oil effectively doubles, making India one of the costliest fuel markets in the world.

Impact on Daily Life and Economy

The effect of fluctuating petrol and diesel prices is far-reaching:

• Household Budgets: Daily commuters bear the brunt of rising fuel prices, with transportation costs directly increasing monthly expenses.
• Transportation Sector: Higher diesel rates push up logistics costs, leading to increased prices of essential commodities.
• Inflation: Rising fuel costs contribute significantly to inflation, especially in food and retail goods.
• Industrial Impact: Sectors dependent on transport, such as agriculture and manufacturing, face rising input costs.

Thus, fuel prices don’t just impact car or bike users but influence the overall economic ecosystem.

Global Oil Market vs. Indian Consumers

India’s heavy dependence on imported crude oil means global events—such as OPEC decisions, geopolitical tensions, or supply disruptions—directly influence domestic rates. Even when crude oil prices fall internationally, the benefit is not fully transferred to Indian consumers due to high taxation policies.

In contrast, countries with lower fuel taxes see a much quicker and larger impact of crude oil price drops.

Looking Ahead: What Can Consumers Expect?

Given the current trend of Brent crude hovering around $66, consumers may not see significant price relief in the short term. Unless global crude oil prices fall further or the government provides tax relief, fuel prices in India are likely to remain elevated.

However, the government occasionally steps in to adjust excise duties or offer subsidies, especially when prices become politically sensitive. For now, daily fluctuations will continue, and consumers are advised to keep checking their city’s rates at 6:00 a.m. every day.

Conclusion

The latest petrol and diesel price updates reflect how international crude oil dynamics and domestic taxation policies combine to shape India’s fuel market. While cities like Noida, Ghaziabad, and Gurugram have seen minor changes, metro cities remain stable with some of the highest fuel prices globally.

With Brent crude standing at $66 per barrel and WTI at $62.45 per barrel, the outlook suggests continued pressure on Indian consumers unless there is a policy-level intervention or a global decline in oil prices.

FAQs on Petrol and Diesel Prices

1. At what time are fuel prices updated in India?
Fuel prices are updated daily at 6:00 a.m. by state-run oil marketing companies.

2. Why are fuel prices different in every state?
Different states impose varying levels of VAT (Value Added Tax), leading to price differences.

3. How much of the petrol price is tax?
Nearly 50% of the final price of petrol and diesel comprises excise duty, VAT, and other taxes.

4. Does crude oil directly affect petrol prices in India?
Yes, but only partially. While international crude oil rates influence the base price, domestic taxes often offset the benefits of falling crude prices.

5. Which city has the highest fuel prices in India?
Currently, Mumbai and Kolkata report some of the highest petrol and diesel rates among major Indian cities.