With the beginning of May, new prices of petrol and diesel have been released. Amidst the ongoing fluctuations in global crude oil prices, government oil companies have provided great relief to the general public. In a statement, Indian Oil (IOC) announced that there has been no change in the prices of petrol and diesel for retail customers. These retail customers account for about 90 percent of the country’s total fuel consumption. The company clarified that there has been no revision in fuel prices impacting the general public, thereby ensuring that there is no additional financial burden on people’s pockets. Keeping this in view, before filling your car’s tank, make sure to check the latest rates of petrol and diesel in your city…
Petrol and diesel prices in major cities of the country
In New Delhi, petrol prices remained stable at ₹94.77 per liter and diesel at ₹87.67 per litre.
In Mumbai, petrol is being sold at ₹103.54 per liter and diesel at ₹90.03 per litre.
In Kolkata, petrol is priced at ₹105.41 per liter and diesel is priced at ₹92.02 per litre.
In Chennai, today petrol is available at the previous rate of ₹100.80 per liter and diesel at ₹92.39 per liter.
In Bengaluru, petrol price stands at ₹102.92 per litre, while diesel remains stable at ₹90.99 per litre.
Crude oil prices rise again; Brent crude at $111.70 per barrel
Due to increasing tension in the Middle East, there has been a huge jump in the prices of crude oil. Brent crude saw an increase of 1.2 percent, taking its price to $111.70 per barrel. However, the rise is well below the four-year high of $126.41 recorded on Thursday. On the other hand, US crude oil prices also increased by 0.5 percent, after which it is trading at $105.64 per barrel.
Oil companies suffer loss of ₹14 on petrol and ₹18 on diesel
The increase in crude oil prices is having a direct impact on the financial condition of oil companies. According to a recent report, with no change in the retail prices of petrol and diesel, state-run oil companies are incurring huge losses on every liter sold. Oil marketing companies (OMCs) are incurring a loss of around ₹14 per liter on petrol and ₹18 per liter on diesel. This situation is a big challenge for these companies, because in an effort to provide relief to the general public—despite rising costs—prices have not been increased.
