Fuel Price Update: Crude Oil Jitters but No Big Shock for Indians Yet
The ongoing Israel-Iran conflict has once again stirred up global oil prices. Crude oil recently shot past the $74 per barrel mark, raising eyebrows across the international market. And ofcourse that usually spells trouble for countries like India that import a large chunk of their fuel. But surprisingly, for now, Indian oil companies have chosen to hold steady at least in metro cities.
Prices at the pump haven’t changed much despite the government raising the excise duty on petrol and diesel a few days ago. Think about how much you’ll be spending today if you’re going to fill up your car.
Fuel Prices in Metro Cities as of June 17
Let’s start with the capital. Fuel prices in Delhi remain steady, with petrol priced at ₹94.77 per litre and diesel at ₹87.67. Move over to Mumbai, and it’s a bit steeper – petrol is priced at ₹103.50 per litre and diesel at ₹90.03.
Kolkata is also feeling the pinch, where petrol is at ₹105.41 and diesel at ₹92.02. In Chennai, fuel prices stand higher, with petrol at ₹100.80 per litre and diesel at ₹92.39.
Some States See a Price Hike
While metro cities have stayed steady, some states haven’t been as lucky. In Bihar also, the prices have skyrocketed- petrol to ₹106.94 and diesel to ₹93.20 a liter.
Uttar Pradesh saw an increase too: petrol at ₹95.21 and diesel at ₹88.40 a liter. And Andhra Pradesh reaches new heights today with petrol at a staggering ₹109.94 and diesel touching ₹97.74 a liter.
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How Fuel Prices Are Set Daily
Petrol and diesel rates across India are updated every day at 6 a.m. They are not random, but based on the international price of crude oil, the strength of the rupee with respect to the US dollar, centre and state government taxes, and the cost of transportation and refining of fuel.
So, next time you drive on over to fill up, just keep in mind that there’s a whole world of politics, economics, and policy hanging behind all those digits.
