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India's petrol and diesel prices remained relatively unchanged on April 30, despite the volatility in international oil prices due to geopolitical developments in West Asia. This comes as Brent crude crosses the $120 dollar threshold to currently trading at $123.5 with a 4.62% increase.
As oil prices increased, reports of a rise in petrol and diesel prices by Rs. 10 and Rs. 12.50, respectively, led to panic-buying in some parts of the country. But the government has rejected such reports. "The order is fake. The Government of India has not issued any such order," the Press Information Bureau (PIB) said in a statement, warning people against rumors.
The price of fuel has changed marginally, with most metro cities witnessing no change. Prices for petrol on April 30 were:
New Delhi: Rs. 94.77 per litre
Mumbai: Rs. 103.54 per litre
Kolkata: Rs. 105.41 per litre
Chennai: Rs. 100.84 per litre (down Rs. 0.22)
Bengaluru: Rs. 102.96 per litre
While there was a slight decrease in Chennai, other cities showed little movement, suggesting retail prices are being managed despite global challenges.
Diesel rates, which play a major role in transportation costs and inflation, were also unchanged:
New Delhi: Rs. 87.67 per litre
Mumbai: Rs. 90.03 per litre
Kolkata: Rs. 92.02 per litre
Chennai: Rs. 92.39 per litre (down Rs. 0.22)
Bengaluru: Rs. 90.99 per litre
Diesel prices are closely monitored, with even small fluctuations affecting transportation costs and ultimately the prices of food and other essential items.
The international oil market remains unstable amid US-Iran conflict. The Strait of Hormuz, through which almost 20% of global oil passes, remains closed amid the US naval blockade, which has driven supply concerns, driving the oil price higher.
But local fuel prices haven’t reflected those global spikes yet. For now that state-owned oil marketing companies in India are passing on only part of the price spikes, ensuring that prices remain stable in the short run.
Also Read: US-Iran War Triggers PCB Shortage, Drives Up Electronics Prices
In a post on X, Rahul Gandhi, the Leader of the Opposition, on Wednesday, said that the government had held back price revisions and warned that consumers may soon face higher petrol and diesel rates. He also accused the Center of benefiting from earlier periods of lower crude oil prices while passing on the burden during phases of higher global rates.
The statement came amid ongoing volatility in global crude prices, driven by geopolitical tensions in West Asia.
Prices are currently stable, but experts believe they will eventually be affected by high crude oil prices. In the short term, consumers can expect comparative price stability, but global factors and supply chain bottlenecks will play a critical role in shaping fuel prices in the weeks ahead.
