Petrol, Diesel Prices Stable on May 8 Despite Global Oil Surge; Check Rates in Major Cities

Petrol and diesel prices across major Indian cities remained largely stable on May 8, with only marginal changes of a few paise recorded in select locations despite continued volatility in global crude oil markets. Oil marketing companies have so far avoided a major retail fuel price hike even as international crude prices surged amid renewed geopolitical tensions involving Iran and the United States.

In the national capital, petrol continued to retail at Rs 94.77 per litre, while diesel remained unchanged at Rs 87.67 per litre. Mumbai continued to record some of the highest fuel prices among metro cities, with petrol priced at Rs 103.50 per litre and diesel at Rs 90.03 per litre. Kolkata and Chennai also saw elevated rates, reflecting state-level tax differences and transportation costs.

Among other key cities, petrol in Hyderabad was priced at Rs 107.50 per litre, while diesel stood at Rs 95.70 per litre. In Lucknow, petrol was available at Rs 94.57 per litre and diesel at Rs 87.81 per litre. Bengaluru, Ahmedabad, and Patna recorded slight changes in prices by a few paise compared to previous sessions, though no major revision was announced by oil companies.

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Fuel prices in India are heavily influenced by international crude oil prices since the country imports a substantial portion of its crude oil requirements. Apart from global energy markets, factors such as the rupee-dollar exchange rate, central excise duty, dealer commissions, and state-level value-added tax (VAT) also contribute to the final retail rates paid by consumers in different cities.

Global crude oil prices climbed sharply during the previous trading session, with Brent crude futures rising nearly 3 per cent to cross the $102 per barrel mark. US West Texas Intermediate crude also recorded gains amid concerns over supply disruptions linked to escalating tensions in the Middle East and continued uncertainty surrounding shipping routes near the Strait of Hormuz.

Despite mounting pressure on fuel retailers due to rising crude costs, the central government has not yet announced any increase in domestic LPG prices for household consumers. However, commercial LPG cylinder rates have witnessed multiple hikes since late February, reflecting the broader impact of rising international energy prices. Industry estimates suggest oil marketing companies are currently incurring significant losses on petrol and diesel sales as retail prices remain capped despite increasing procurement costs.

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