Fuel prices across India witnessed mixed movement on May 21 as oil marketing companies released the latest petrol and diesel rates. While cities such as Delhi, Kolkata, Gurugram, and Bengaluru saw no change in prices, consumers in Chennai, Jaipur, Patna, and a few other cities received slight relief. On the other hand, fuel became costlier in Noida, Bhubaneswar, and Thiruvananthapuram.
Before heading to the petrol pump, vehicle owners are advised to check the latest rates in their city, as prices continue to vary from state to state due to taxes and transportation costs.
Several major cities witnessed no revision in petrol and diesel prices today.
Oil companies kept prices unchanged in these cities despite fluctuations in global crude oil markets.
Some cities saw marginal reductions in fuel prices.
Consumers in Patna, Lucknow, Chandigarh, and Hyderabad also benefited from slight declines in fuel prices.
While some cities got relief, fuel prices increased in several others.
Petrol and diesel prices vary across states because of multiple factors, including:
This is why fuel prices differ even between neighboring cities.
In the international market, crude oil prices witnessed fresh gains after recovering from recent declines.
Market analysts believe crude prices strengthened after comments by former US President Donald Trump suggesting that negotiations with Iran were nearing the final stage, raising hopes of improved global supply conditions.
Despite occasional corrections, crude oil prices have reportedly surged more than 40% since late February.
Even with rising crude oil prices, the direct burden on Indian consumers has been relatively limited compared to several global economies.
Public sector oil companies reportedly absorbed higher input costs for nearly 76 days, resulting in under-recoveries estimated at around ₹24,500 crore before fuel prices were revised upward in phases.
The central government also reduced excise duty to contain fuel inflation, reportedly sacrificing significant tax revenue to stabilize retail prices.
Compared to several countries where petrol prices have risen sharply, India’s fuel price increase has remained relatively moderate in recent months.
