Amid Elections, Petrol And Diesel Prices Remain Unchanged On April 29
Fuel prices steady across cities despite elections, global crude volatility.
Petrol and diesel prices across major Indian cities remained unchanged on April 29, offering temporary relief to consumers amid ongoing state elections and volatility in global crude oil markets. In the national capital, petrol continues to retail at ₹94.77 per litre, while diesel is priced at ₹87.67 per litre. Rates are higher in metropolitan cities such as Mumbai, where petrol is selling at around ₹103.54 per litre and diesel at ₹90.03 per litre. Kolkata and Chennai also report elevated prices, with petrol at ₹105.45 and ₹100.84 per litre respectively, and diesel at ₹92.02 and ₹92.39 per litre.
Despite concerns over a potential hike, there has been no immediate revision in fuel prices. Analysts suggest that the government may be holding prices steady due to the political sensitivity surrounding ongoing elections. This pricing stability comes even as global oil markets remain under pressure, particularly due to geopolitical tensions affecting supply routes such as the Strait of Hormuz.
However, market experts warn that this pause may not last long. Brokerage firm Emkay Global Financial Services has indicated that fuel prices could see an initial increase of around ₹10 per litre in the near future. Such a move would aim to partially offset mounting losses faced by oil marketing companies, which are currently selling fuels below market-linked rates.
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The broader backdrop includes rising global crude prices and supply uncertainties linked to geopolitical conflicts in West Asia. These factors have intensified speculation around a possible revision in domestic fuel rates, although the government has repeatedly sought to reassure consumers about price stability and adequate supply.
Fuel prices in India are influenced by multiple components, including international crude oil benchmarks, exchange rates, and central and state taxes, which together make up a significant portion of retail prices. While daily revisions are the norm in a deregulated market, policy interventions and political considerations often play a key role in determining when price changes are passed on to consumers.
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