2 hrs ago
Indian Fuel Prices Hold Steady as UPI Fee Looms
Fuel prices in many Indian cities stayed the same on September 21.
Mumbai petrol cost ₹111.21 per litre.
Delhi petrol cost ₹102.12, while diesel cost ₹95.20.
Petrol station owners are worried about a new UPI fee.
The fee would be ₹5 for fuel payments above ₹2,000.
Dealers say this could reduce their earnings.
Oil prices around the world were above $100 because of tensions in the Middle East.
The United States and Iran exchanged threats while Saudi Arabia faced threats from the Houthis.
Petrol and diesel prices were unchanged across major Indian cities on September 21 after the 6:00 AM revision.
Mumbai petrol remained at ₹111.21 per litre, while Delhi petrol and diesel stood at ₹102.12 and ₹95.20.
Petrol dealers are seeking exemption from a proposed ₹5 UPI merchant fee on fuel purchases above ₹2,000.
Dealers warn the fee could reduce their thin, fixed per-litre margins and lead some stations to stop accepting large UPI payments.
Global oil prices remained above $100 amid rising tensions involving Iran, the United States, Saudi Arabia and the Houthis.
- Who
- State-run oil marketing companies, Indian petrol pump dealers, consumers, and parties involved in the Iran-United States tensions.
- What
- Fuel prices remained unchanged, while dealers protested a proposed ₹5 UPI fee on fuel purchases above ₹2,000.
- Where
- Across major Indian cities, including New Delhi, Mumbai and Bengaluru; related oil-market tensions affected the Middle East.
- When
- September 21, following the daily 6:00 AM price revision; the UPI fee was expected to begin the following month.
- Why
- Fuel prices were unchanged after the daily revision, while dealers sought to protect their fixed per-litre margins from the proposed UPI charge.
Fuel Dealers and Iran
Payment Regulators and United States
UPI fees at fuel stations
Fuel Dealers and Iran
Petrol pump dealers want an exemption, arguing that a ₹5 fee on transactions above ₹2,000 would hurt their already-thin fixed margins.
Payment Regulators and United States
The proposed payment policy would apply the ₹5 merchant discount rate to qualifying UPI fuel purchases; the article does not identify a detailed public justification from regulators.
Iran-United States confrontation
Fuel Dealers and Iran
Iranian military officials said they would retaliate harshly against any fresh attack.
Payment Regulators and United States
United States President Donald Trump warned that Iran could face economic collapse or the removal of its leadership unless it reached a deal.
Key facts
- Mumbai petrol
- ₹111.21 per litre
- New Delhi petrol
- ₹102.12 per litre
- New Delhi diesel
- ₹95.20 per litre
- Bengaluru petrol
- ₹111.68 per litre
- Bengaluru diesel
- ₹99.56 per litre
- Proposed UPI fee
- ₹5 for fuel transactions exceeding ₹2,000
- Global oil prices
- Brent moved toward $105 a barrel and West Texas Intermediate was near $101
Quotes
Vivek Dhar
Head of commodities at CBA, speaking to Reuters
“The closure of the East-West pipeline has materially altered the state of the oil market. We now estimate that oil markets have 5 to 10 weeks before global oil and refined product inventories deplete, compared to estimates closer to 15 to 20 weeks just a fortnight ago.”
livemint.com
Sources
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