Indian oil marketing companies kept petrol fuel prices relatively stable on May 7, despite significant volatility in global crude markets. Major cities like Bangalore, Patna, and Lucknow saw only marginal adjustments of a few paise. Currently, companies are selling fuel at a loss of Rs 14 per litre for petrol and Rs 18 per litre for diesel. They face these losses because elevated crude costs have outpaced the capped retail rates in India.
Fact-Checking Social Media Rumors
The Press Information Bureau (PIB) recently debunked viral social media posts claiming a massive hike in fuel prices. These fake reports suggested that the government had increased petrol and diesel by Rs 10 and Rs 12.5 per litre, respectively. However, the PIB Fact Check unit clarified on X that no such order exists. They urged the public to verify news through official government sources before sharing information that could cause unnecessary panic.
Current Fuel Rates Across Major Cities
Prices continue to vary across the country due to local taxes and VAT. In New Delhi, petrol remains at Rs 94.77 while diesel is priced at Rs 87.67. Meanwhile, rates in Mumbai are higher, with petrol at Rs 103.54 and diesel at Rs 90.03. Other cities like Hyderabad and Kolkata are seeing petrol prices above the Rs 105 mark.
| City | Petrol (Rs/Litre) | Diesel (Rs/Litre) |
| Delhi | 94.77 | 87.67 |
| Mumbai | 103.54 | 90.03 |
| Kolkata | 105.45 | 92.02 |
| Chennai | 100.80 | 92.39 |
| Bengaluru | 102.98 | 90.99 |
Global Oil Market and LPG Prices
Oil prices steadied near $102 for Brent crude as traders watched diplomatic talks between the US and Iran. Consequently, the central government has decided to keep domestic LPG rates unchanged at Rs 913 for a 14.2-kg cylinder in Delhi. In contrast, the price of commercial 19-kg cylinders saw a massive spike. In Delhi, commercial cylinders jumped from Rs 2,078.50 to Rs 3,071.50, marking a sharp increase for businesses and restaurants.