Petrol Diesel Prices Unchanged
As crude oil prices continued their upward surge, petrol diesel prices in India remained unchanged on September 28. State-run oil marketing companies such as Bharat Petroleum Corporation Ltd (BPCL), Indian Oil Corporation Ltd (IOCL), and Hindustan Petroleum Corporation Ltd (HPCL) regularly update fuel prices at 6 a.m. daily.
Over the past year, fuel prices have seen minimal revisions. The most recent significant change occurred on May 21, 2022, when Union Finance Minister Nirmala Sitharaman reduced excise duty on petrol by Rs 8 per liter and on diesel by Rs 6 per liter.
Current Fuel Prices
In Delhi, petrol is priced at Rs 96.72 per liter, while diesel is available at Rs 89.62 per liter. In Mumbai, petrol costs Rs 106.31 per liter, with diesel at Rs 94.27 per liter.
Kolkata sees petrol at Rs 106.31 per liter and diesel at Rs 92.76 per liter. In Chennai, petrol is Rs 102.63 per liter, and diesel is Rs 94.24 per liter.
Minor Adjustments in Select States
Some states witnessed minor changes in fuel prices. Bengaluru’s petrol price stands at Rs 101.94, with diesel at Rs 87.89. Chandigarh residents pay Rs 98.65 for petrol and Rs 88.95 for diesel. In Gurugram, petrol is Rs 96.66, and diesel is Rs 89.54.
Check Out: Vedanta Shares Plummet to 52-Week Low After Moody's DowngradeLucknow’s petrol costs Rs 96.57, while diesel is priced at Rs 89.76. Noida (Gautam Buddha Nagar) residents pay Rs 96.79 for petrol and Rs 89.96 for diesel. Ghaziabad’s petrol price is Rs 96.58, and diesel is Rs 89.75.
Crude Oil’s Surging Rally
Crude oil prices have been on an upward trajectory for the past three months. It hit the highest level of the year. A recent 3% surge in oil prices indicates a larger-than-expected drop in US crude stocks. This surge in prices is attributed to concerns about supply shortages due to production cuts by the OPEC+ alliance.
Petron ROLLED BACK
— Petrol Price PH (@Petrol_Price) September 26, 2023
₱0.20/L Blaze 100, XCS 95, Xtra 91;
₱0.20/L Turbo Diesel, Diesel Max;
₱0.50/L Kerosene;
eff 06:00AM Sep 26, 2023
Brent Crude Nearing $100 a Barrel
Brent crude, a global benchmark, has approached the $100 per barrel mark. It has reached a 10-month high, exceeding $93/barrel in mid-September. The average price for Brent crude over the past year has been $83.5. Analysts have revised their price forecast for Brent crude in 2023. It is expected to average over $85/barrel in the fourth quarter.
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The increasing crude oil prices, if reflected in retail fuel rates, can contribute to higher inflation levels. As crude stocks continue to decline, prices are expected to remain elevated.
Expert Insights
Rahul Kalantri, VP of Commodities at Mehta Equities Ltd, highlighted that despite a strong dollar index and US bond yields, crude oil prices surged to record levels in international markets. He noted that crude oil has support levels at $92.70–91.80 and resistance at $94.30–95.00. In INR, crude oil has support at Rs 7,710-7,640 and resistance at Rs 7,890–7,950.
As crude oil prices maintain their momentum, consumers and the market continue to monitor fuel rates, which play a pivotal role in the economy’s overall health.
