Fuel Check: Petrol & Diesel prices today – up or down? Here’s city-wise rates

Fuel Rates Stable on April 3 Despite Rising Geopolitical Tensions

New Delhi: Despite the ongoing geopolitical tensions in West Asia, petrol and diesel prices in India remained unchanged on April 3. Oil marketing companies (OMCs) review prices every day, but today's rates remained stable. Domestic consumers have received some relief despite the significant fluctuations in the international market.

Global Market Volatility Continues

International crude oil prices continue to fluctuate. Earlier this week, Brent crude prices surpassed $115 per barrel, although they have since eased slightly. Escalating tensions between Iran, the United States, and Israel have kept the global oil market volatile.

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Strait of Hormuz has become a cause for concern

Concerns have also grown regarding the Strait of Hormuz, considered crucial for oil supply. Approximately 20 percent of the world's oil supply passes through this route. Any disruption could impact the global market and lead to a sharp price surge.

Relief for Consumers, Pressure on Companies

The Indian government has indicated that petrol and diesel prices will remain stable for the time being to avoid a sudden burden on the general public. However, this is impacting oil companies. According to the Petroleum Ministry, companies are incurring a loss of approximately ₹24 per liter on petrol and approximately ₹104 per liter on diesel, which they are compensating from their profits.

Impact of Excise Duty Reduction

The government recently reduced excise duty on petrol and diesel by ₹10 each. This provided relief to consumers, but rising international prices are now putting pressure on oil companies. While fuel prices have been increased in many countries, prices in India have remained under control.

Petrol and Diesel Prices in Major Cities

Today's petrol and diesel prices in major cities across the country are as follows:

• Petrol in Delhi is ₹94.77 and diesel is ₹87.67 per liter.
• In Mumbai, petrol is priced at ₹103.54 and diesel at ₹90.03.
• In Kolkata, petrol is priced at ₹105.45 and diesel at ₹92.02.
• In Chennai, petrol is priced at ₹100.80 and diesel at ₹92.39.
• In Bengaluru, petrol is priced at ₹102.92 and diesel at ₹90.99.
• In Lucknow, petrol is priced at ₹94.65 and diesel at ₹87.76.
• Prices in Jaipur and Patna also remain above ₹100, while Port Blair recorded the lowest rates.

What's next?

Experts believe that if global tensions ease, oil prices may see some relief. Currently, the Indian market remains stable, which is a welcome relief for consumers.