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Fuel Prices Hold Steady as Crude Prices Ease
Fuel prices in India stayed the same on 3 September.
Oil companies usually review prices every morning at 6:00 AM.
Petrol and diesel have not changed for about three months, even though global oil prices have moved up and down.
In New Delhi, petrol cost ₹102.12 per litre and diesel cost ₹95.20.
In Mumbai, petrol cost ₹111.21 and diesel cost ₹97.83.
In Bengaluru, petrol cost ₹111.68 and diesel cost ₹99.56.
Global oil prices eased after Donald Trump discussed the possibility of a shorter conflict with Iran.
However, continuing fighting could still affect oil supplies and prices.
Petrol and diesel prices in India remained unchanged on 3 September.
New Delhi recorded petrol at ₹102.12 and diesel at ₹95.20 per litre.
Mumbai had petrol at ₹111.21 and diesel at ₹97.83 per litre, while Bengaluru rates were ₹111.68 and ₹99.56.
State-run oil marketing companies revise fuel prices daily at 6:00 AM under India’s dynamic pricing system.
The last major revision was on 25 May, when petrol and diesel prices rose by ₹2.7 and ₹2.8 per litre, respectively.
- Who
- State-run Oil Marketing Companies, consumers in India, the United States, Iran, and market participants.
- What
- Petrol and diesel prices remained unchanged across Indian cities on 3 September despite easing crude prices.
- Where
- Across India, including New Delhi, Mumbai, Bengaluru, Kolkata, Chennai, and other listed cities; global market developments involved the United States, Iran, and the Strait of Hormuz.
- When
- 3 September; prices were last substantially revised on 25 May.
- Why
- Domestic fuel retailers kept prices stable despite global energy-market volatility, while investors monitored the effect of the United States-Iran conflict on crude supplies and prices.
Stable-price perspective
Market-pressure perspective
Domestic fuel rates
Stable-price perspective
Domestic fuel retailers kept petrol and diesel prices unchanged for about three months despite fluctuations in global energy prices.
Market-pressure perspective
The article notes that crude prices remain elevated and that further conflict-related disruption could increase pressure on fuel markets.
Outlook for crude prices
Stable-price perspective
Dennis Kissler said both the United States and Iran appeared to be seeking possible ways to de-escalate, and that renewed peace talks could quickly lower prices.
Market-pressure perspective
Kissler also said the latest escalation should support the crude market, while the article reported that neither side had shown willingness to return to negotiations since the June accord collapsed.
Key facts
- Pricing date
- 3 September
- New Delhi rates
- Petrol ₹102.12 per litre; diesel ₹95.20 per litre
- Mumbai rates
- Petrol ₹111.21 per litre; diesel ₹97.83 per litre
- Bengaluru rates
- Petrol ₹111.68 per litre; diesel ₹99.56 per litre
- Price-setting method
- State-run Oil Marketing Companies revise prices daily at 6:00 AM under the dynamic fuel pricing system.
- Last major revision
- 25 May, when petrol rose by ₹2.7 per litre and diesel by ₹2.8 per litre.
- Global crude context
- Crude prices remained almost 60% higher this year, according to the article, amid the United States-Iran conflict and supply-disruption concerns.
Quotes
Dennis Kissler
Senior vice president for trading at BOK Financial Securities Inc
“The latest escalation should keep support under the market, however, keep in mind both the US and Iran are looking for off-ramps here”
livemint.com
“We’re prepared to do another one.”
livemint.com
Sources
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