Petrol and diesel prices in most of India’s metropolitan cities remained largely unchanged on Friday when compared to the previous day’s prices, according to Goodreturns.
This trend has been consistent since May 21 last year, followed by a pan-India revision. However, some minor fluctuations in prices were observed in certain cities such as Gurugram, Noida, and Lucknow.
Looking at the prices in other cities: cost of one litre of petrol in Noida is ₹ 96.65, while diesel is priced at ₹ 89.93. In Gurugram, petrol costs ₹ 96.84 per litre, and diesel rate stands at ₹ 89.72 per litre. Meanwhile, in Lucknow, petrol can be bought at ₹ 96.47 per litre, and diesel at ₹ 89.67 per litre.
Petrol and diesel prices in India are closely linked to the international prices of crude oil, and the responsibility of revising these prices rests with oil marketing companies such as Indian Oil, Bharat Petroleum, and Hindustan Petroleum.
When crude oil prices rise globally, petrol prices in India follow suit and experience a corresponding increase, while a fall in international crude oil prices leads to a decline in daily or current petrol prices in India. Notably, these oil marketing companies adjust fuel retail prices every day at 6 am in accordance with the prevailing price of crude oil worldwide.
Starting from 2017, petrol prices in India undergo daily revisions, which marks a significant deviation from the prior practice of revising petrol prices every two weeks.
According to a Bloomberg report, crude oil is on track to record its sixth consecutive monthly decline, marking its longest losing streak in over eight years. This downward trend can be attributed to concerns about a slowdown in the US and Asia.