Fuel prices in India’s major cities are under increasing pressure as the cost of crude oil imports nears the $100 per barrel mark, a situation exacerbated by global geopolitical tensions and instability in oil markets. In Delhi, petrol is currently priced at ₹102.12 per litre, with diesel at ₹95.20. Meanwhile, Mumbai sees prices at ₹111.21 for petrol and ₹97.83 for diesel. Gurgaon reports petrol at ₹102.97 and diesel at ₹95.64.
Bengaluru residents face petrol prices of ₹110.82 per litre and diesel at ₹98.77, while Bhubaneswar lists ₹108.97 for petrol and ₹100.68 for diesel. Chandigarh maintains comparatively lower rates, with petrol at ₹101.54 and diesel at ₹89.47. The variation in fuel prices across different states often results from differences in VAT, local taxes, and transportation expenses.
The climb in crude oil prices is largely attributed to escalating tensions in West Asia, alongside military conflicts involving the United States and Iran. This situation has led to an increase in Brent crude prices, which in turn has pushed India’s average crude import basket to its highest level in three months. Given that India imports over 88% of its crude oil needs, domestic fuel prices are particularly sensitive to these international fluctuations.
Adding to the complexity, domestic petrol consumption in India surged by 7.9% in August, reaching 3.824 million tonnes. Despite the rising costs on the global front, state-owned oil marketing companies, which control more than 90% of India’s petrol stations, have largely maintained stable retail prices for petrol and diesel. However, these companies are now under mounting pressure as they balance rising international crude prices with the need to keep domestic fuel rates steady.