Petrol and diesel prices are in focus as crude prices continue to surge. Private sector company Nayara Energy, which operates 6,967 retail outlets, has increased petrol prices by Rs 5 per litre and diesel by Rs 3 per litre at its outlets. Supply constraints have also put a strain on India’s retail oil prices.
While government-owned fuel retailers like India Oil and Bharat Petroleum, which control about 90 per cent of the market, have kept retail rates for petrol and diesel status quo, private sector companies have adopted a different approach.
Nayara Energy’s price increase has raised concerns among consumers about petrol and diesel prices in their respective cities.
Here are the details of today’s city-wise retail petrol and diesel prices in India as per the Ministry of Petroleum and Natural Gas.
Petrol prices today
Today, March 26, the petrol price in Delhi is Rs 94.77 per litre. Petrol prices in other major metro cities, Mumbai, Chennai, and Kolkata is Rs 103.54 per litre, Rs 100.84 per litre, and Rs 105.45 per litre, respectively.
Diesel prices today
Today, the retail diesel price in Delhi is Rs 87.67 per litre. The diesel price in other metropolitan cities, Mumbai, Chennai, and Kolkata, is Rs 90.03 per litre, Rs 92.39 per litre, and Rs 92.02 per litre, respectively.
State-owned companies absorbing losses
Retail petrol and diesel prices have been frozen since April 2022. The state-run Indian Oil Corporation, Bharat Petroleum Corporation, and Hindustan Petroleum Corporation are absorbing losses amid high crude prices.
According to an Emkay report, for oil marketing companies to achieve normalized gross marketing margins at current Brent crude prices, retail diesel and petrol prices need to be increased by 43 per cent and 19 per cent, respectively.
International crude oil prices today
Oil rose by over 4 per cent on Thursday, rebounding from the previous session’s losses, as prospects for a prolonged conflict in the Middle East stoked concerns over further supply disruptions.
Brent futures rose $4.77, or 4.7 per cent, to $106.99 a barrel. West Texas Intermediate crude futures gained $3.74, or 4.1 per cent, to $94.06 a barrel, after rising to as much as $94.84. Both benchmarks slumped more than 2% on Wednesday.