Fuel Rates Today: Check Petrol & Diesel Rates of Your City On 5th April 2022

In various parts of the country, including the nation's capital, petrol and diesel prices are on the rise again. Petrol will now cost Rs 104.61 per litre in Delhi, up from Rs 103.81 earlier, while diesel rates have risen from Rs 95.07 yesterday to Rs 95.87 today, an increase of 80 paise in the national capital and a total hike of Rs 9.20 per litre accounting for 13th hike in the last 15 days.

In Mumbai, petrol prices have risen by 84 paise to Rs 119.67 per litre, up from Rs 118.83 yesterday, while diesel prices have risen by 85 paise to Rs 103.92 per litre, up from Rs 103.07 yesterday. Petrol costs Rs 114.28 in Kolkata, up from Rs 113.45 yesterday, a rise of 83 paise, while diesel costs Rs 99.02, up from Rs 98.22 yesterday, an increase of 80 paise. In Chennai, a litre of petrol will cost Rs 110.09 today, compared to Rs 109.34 yesterday, while a litre of diesel will cost Rs 100.18, compared to Rs 100.19 yesterday.

In Bengaluru, a litre of petrol would cost Rs 110.25, up from Rs 109.41 the day before, while a litre of diesel will cost Rs 94.01, up from Rs 93.23 the day before. Petrol will cost Rs 111.54 a litre in Bhubaneswar today, up from Rs 110.78 yesterday, while diesel will cost Rs 101.29, up from Rs 100.53 yesterday. Petrol will cost Rs 118.59 a litre in Hyderabad today, up from Rs 117.68 yesterday, while diesel will cost Rs 104.62, up from Rs 103.75 yesterday.

Crude oil is currently hovering around $100 per barrel, with WTI crude oil trading at $104.9 per barrel and Brent Crude trading at $109.2 per barrel, and this international market of higher crude prices indicates how the domestic fuel market will be affected, implying that we can expect more sharp increase in fuel prices in the domestic market.

Last month, WTI crude oil prices saw significant volatility as a result of US and UK sanctions against Russian crude oil and other energy commodities. However, we forecast MCX Crude oil prices to drop further as China implements lockdowns to combat the outbreak of Covid-19, raising worries about China's fuel demand and 180 million barrels of oil (mbd) oil supplies from the US Strategic Petroleum Reserve (SPR).

Based on the monthly commodities outlook, ICICI Securities has said in a report that "MCX Crude oil prices are expected to correct further towards Rs 6,650 for this month due to concerns over China's fuel demand and higher oil supply from US Strategic Petroleum Reserve (SPR). We expect crude oil prices to take support at Rs 7,450. Breach of these levels may trigger further downsides towards Rs 6,650 in the coming weeks. MCX Copper prices are likely to trade in the range of Rs 790-830 levels for this month due to demand concerns from China and slowing manufacturing activities in the US."

ICICI Securities has also highlighted today in a note that "MCX oil prices are likely to consolidate in the range of Rs 7,450 to 7,900 levels for the day due to delay in Iranian oil supply and concerns over more sanctions on Russian energy sector. However, higher oil supply from the US and demand concerns from China may continue to pressurise oil prices on the higher side."