Amid pressure on the energy supply chain due to the ongoing conflict in West Asia, India has officially launched E85 fuel – a significant step in the country’s ethanol blending program. Meanwhile, prices of petrol and diesel remained the same across the country. Talking about petrol, prices in Hyderabad were highest at ₹115.72 per litre, followed by Thiruvananthapuram at ₹115.49 per litre. Among the four major metros, petrol prices in New Delhi and Kolkata remained steady at ₹102.12 and ₹113.47 per litre, respectively, while in Mumbai and Chennai, prices rose marginally by 3 paise and 4 paise per litre, taking them to ₹111.21 and ₹107.88 per litre, respectively.
What did the Petroleum Minister say?
Meanwhile, Indian consumers struggling with rising fuel prices may get some relief in the coming months. Petroleum and Natural Gas Minister Hardeep Singh Puri said oil prices were unlikely to remain at their current high levels for “long” and were expected to decline in the coming months. His statement has come at a time when the global energy market is under pressure due to tensions with Iran. This situation has disrupted the supply of oil and gas and pushed crude oil prices close to $100 per barrel.
Prices will fall despite tension
According to a Reuters report, Puri told CNN-News18 that despite the current geopolitical tensions, oil and gas prices are likely to fall in the coming months. Global crude oil prices have surged after the conflict affected shipments passing through the Strait of Hormuz, one of the world’s most important energy routes. Before the conflict began, about one-fifth (20%) of the world’s oil and gas supplies passed through this narrow waterway. However, the minister expressed confidence that the current price levels are unlikely to persist for long.
City Petrol Price (per litre) Diesel Price (per litre) Delhi Rs 102.12 Rs 95.20 Mumbai Rs 111.21 Rs 97.83 Kolkata Rs 113.51 Rs 99.82 Noida Rs 102.12 Rs 95.56 Gurugram Rs 103.32 Rs 95.51 Patna Rs 113.35 Rs 99.36 Pune Rs 111.52 Rs 98.15