Fuel Prices in India Remain Unchanged

The fuel price in India remained stationary for over a year despite witnessing volatility in the international markets as Saudi Arabia announces trimming in the outputs bolstering the crude prices to march up.

On Sunday, the world's largest oil exporter - Saudi Arabia announced its decision to go for production cuts by another million barrels per day. Post announcement, both the crude benchmarks in the international markets rose by around 2 per cent in the early Asia trade session, before cooling off by mid-morning.

In India, the petrol prices stood still at Rs 96.72 per litre in New Delhi; Rs 106.03 per litre in Kolkata; Rs 106.31 per litre in Mumbai and Rs 102.63 per litre in Chennai. While diesel rates were trading at Rs 89.62 per litre in New Delhi; Rs 92.76 per litre in Kolkata; Rs 94.27 per litre in Mumbai and Rs 94.24 per litre in Chennai.

The Brent futures were trading at $76.84 per barrel, up by 0.93 per cent and U.S. Texas Intermediate (WTI) at $72.44 per barrel, up by 0.99 per cent. The Organization of the Petroleum Exporting Countries (OPEC) and its member partners will pump around 40 per cent of the world's crude oil and their production decisions will have a significant impact on fuel prices globally.

India mainly depends on crude imports to meet the domestic requirements, any changes in the fuel prices in the international markets will have a direct impact on the fuel prices in the domestic markets.

The crude prices are witnessing volatility recently, despite the situation, the fuel prices are kept balanced for a long time in India. The last revision of fuel prices in India was done in May 2022.