Crude Oil Prices Dip, But Petrol Prices Remain Stable in India

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Mumbai: In a recent development, the price of benchmark crude oil has fallen for consecutive sessions, with both Brent Crude and WTI (West Texas Intermediate) dipping below their mid-January highs. On January 15th, Brent Crude soared to over USD 81.97 per barrel, while WTI hovered around USD 79 per barrel. However, the latest reports show a decline, with Brent Crude now standing at USD 78.21 and WTI slumping to USD 74.54 per barrel.

This price drop in crude oil has naturally led to questions about whether fuel prices in India, particularly petrol, would follow suit and decrease. Since the introduction of the dynamic pricing system in 2017, oil marketing companies (OMCs) have been adjusting fuel prices on a daily basis, depending on global crude oil prices. The revised protocols require fuel prices to be updated every day at 6 a.m., reflecting the shifts in the international market.

However, despite the fall in crude oil prices, petrol prices in major Indian cities have not seen any significant changes. Let’s take a look at the current fuel prices across some of India’s major cities:

  • Mumbai: In India’s financial capital, the price of petrol stands at Rs 103.50 per litre, while diesel is priced at Rs 90.03 per litre.
  • Kolkata: The price of petrol in Kolkata is Rs 105.01, with diesel at Rs 91.82.
  • Delhi: In the national capital, Delhi, petrol is priced at Rs 94.77 per litre, while diesel costs Rs 87.67.
  • Chennai: In Chennai, petrol is priced at Rs 100.80 per litre, while diesel costs Rs 92.39.
  • Bengaluru: Motorists in Bengaluru will pay Rs 102.92 for a litre of petrol and Rs 88.99 for a litre of diesel.

Although global crude oil prices have experienced a dip, fuel prices in India have remained largely unaffected in the immediate term. The last major reduction in petrol and diesel prices took place ahead of the upcoming general elections in March 2024, with the government slashing prices by Rs 2 per litre.

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