Petrol and diesel prices across major Indian cities remained unchanged on April 15, even as global crude oil markets showed early signs of stabilisation following recent volatility. The pause in domestic fuel price movement comes amid cautious optimism in international markets, driven by renewed diplomatic engagement between the United States and Iran aimed at easing supply disruptions.
In the national capital, petrol continued to retail at Rs 94.77 per litre, while diesel remained at Rs 87.67 per litre. Prices were higher in Mumbai, where petrol was priced at Rs 103.54 per litre and diesel at Rs 90.03 per litre. Other metro cities also reported stable rates, including Kolkata at Rs 105.45 per litre for petrol and Rs 92.02 for diesel, and Chennai at Rs 100.84 and Rs 92.39 per litre, respectively. The steady pricing trend comes as governments often seek to avoid volatility in fuel costs, particularly during politically sensitive periods such as upcoming state elections.
Industry developments indicate that state-run oil marketing companies are increasingly under financial pressure due to the prolonged freeze in retail fuel prices. For the first time since fuel price deregulation, these companies are reportedly purchasing petrol, diesel, aviation turbine fuel, and kerosene from refineries at discounted rates in an effort to offset mounting losses.
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According to a report by Macquarie Group, Indian oil marketing companies are incurring losses of approximately Rs 18 per litre on petrol and Rs 35 per litre on diesel at current global price levels. The report further noted that every $10 per barrel increase in crude oil prices could raise losses by about Rs 6 per litre. Analysts have warned of a strong likelihood of retail price hikes following the conclusion of elections in key states, as companies may seek to recover losses.
On the global front, Brent crude prices hovered above $94 per barrel after a sharp decline in the previous session, while US benchmark West Texas Intermediate traded near $90. The modest recovery is attributed to expectations of resumed negotiations between major geopolitical players, which could help stabilise supply chains disrupted by ongoing conflicts.
Meanwhile, oil companies have already raised prices for bulk consumers, with industrial diesel rates increased by over 25% to Rs 137.81 per litre. Commercial LPG prices were also hiked earlier this month, while domestic cooking gas rates have remained unchanged. Fuel pricing in India continues to be influenced by a combination of global crude oil prices, currency exchange rates, and central and state taxes, leading to regional variations across cities.
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