Retail prices of petrol and diesel remained unchanged across major Indian cities on Wednesday, July 16, even as global crude oil prices stayed elevated amid renewed geopolitical tensions and supply concerns.
Domestic fuel prices are determined by state-run Oil Marketing Companies (OMCs), meaning short-term fluctuations in international crude prices do not immediately affect retail consumers.
Petrol and diesel prices in major cities on July 16
| City | Petrol (Rs/litre) | Diesel (Rs/litre) |
|---|---|---|
| New Delhi | 102.12 | 95.20 |
| Kolkata | 113.48 | 99.82 |
| Mumbai | 111.21 | 97.83 |
| Chennai | 107.78 | 99.56 |
| Gurugram | 102.97 | 95.64 |
| Noida | 101.96 | 95.44 |
| Bengaluru | 111.37 | 99.26 |
| Bhubaneswar | 108.97 | 100.68 |
| Chandigarh | 101.51 | 89.47 |
| Hyderabad | 115.69 | 103.82 |
| Jaipur | 113.32 | 98.34 |
| Lucknow | 102.63 | 96.07 |
| Patna | 114.36 | 100.31 |
| Thiruvananthapuram | 115.49 | 104.40 |
Brent crude remains elevated
Brent crude futures rose 0.4 percent, gaining 33 cents to $85.28 a barrel at 0026 GMT, according to Reuters.
The renewed hostilities have erased part of the nearly 30 per cent decline in oil prices recorded during the second quarter. Carlyle Group senior adviser Jeff Currie said the market had lost supplies linked to both the Strait of Hormuz and Russian crude oil and refineries, describing the energy situation as "pretty dire."
Goldman Sachs said Brent crude could climb to as high as $110 per barrel in the fourth quarter if the recovery in Gulf exports continues to stall. However, it expects prices could fall into the $60 range by the end of the year if geopolitical tensions ease and oil production recovers faster than anticipated.
Centre revises windfall taxes
The Centre has increased windfall taxes on diesel exports and aviation turbine fuel (ATF) following the rise in global crude oil prices amid the West Asia conflict.
The export duty on diesel and ATF has been increased by Rs 7 per litre each. As a result, the duty on diesel exports now stands at Rs 15.5 per litre, while the levy on ATF has been raised to Rs 14.5 per litre.
Meanwhile, the export duty on petrol has been reduced to Rs 2.5 per litre from Rs 4 per litre.
Supply concerns remain in focus
According to media reports, US President Donald Trump is planning to expand military operations around Kharg Island, which is home to Iran's main oil export terminal.
Separately, US Central Command spokesperson Captain Tim Hawkins said US-assisted tanker transits in the Persian Gulf reached double digits on Tuesday night. Nearly 300 ships crossed the waterway during the past week, with about half receiving assistance from US forces.
