Petrol, Diesel Prices On 5 April: Check Fuel Rates In Your City Today - Delhi, Mumbai, Bengaluru, Kolkata, Others

(MENAFN- Live Mint) The war between US-Israel and Iran has stretched on for over a month, and despite claims of the conflict winding down, it remains a major driver of global economic anxiety.

Earlier this week, US President Donald Trump stated that the operation's "core strategic objectives are nearing completion," citing the degradation of Iran's missiles, drones, and naval capabilities. Trump asserted that the US will complete its military mission "very shortly," but warned that American forces will hit Iran "extremely hard" over the next two to three weeks.

Also Read | Trump's claims of victory clash with Iran war's gritty reality

However, oil markets remain on edge. Following Trump's remarks, crude oil futures spiked more than 5%, reversing earlier market drops. Further complicating global supply woes, Trump also reportedly said he could end US operations without reopening the Strait of Hormuz-leaving other countries to deal with Tehran's chokehold on the critical shipping lane through which 20% of the world's crude oil typically passes.

Private fuel retailers hike prices, govt pumps hold steady

Against this backdrop, private fuel retailers in India have started significantly raising prices, while government oil marketing companies (OMCs) are holding the line. Earlier this week, private major Shell India hiked petrol prices by a steep ₹7.41 per litre and diesel by ₹25.01 per litre to offset surging crude costs.

Meanwhile, state-run Indian Oil Corporation Ltd (IOCL) recently hiked the price of its premium XP100 petrol by ₹11 per litre, pushing it past the ₹160 mark. The premium diesel variant XtraGreen was also increased to ₹92.99 per litre.

Also Read | At new low: Trump mulls NATO exit as US–Europe alliance nears 'breaking point'

However, to provide relief to state-run OMCs and consumers, the Centre last month cut excise duty on regular petrol by ₹3 a litre and exempted regular diesel entirely from the levy. This has helped government oil companies maintain the base fuel rates despite immense pressure on their margins amid rising global crude oil prices.

Regular petrol and diesel prices

OMCs revise prices every morning at 6 am. Despite the massive hikes by private players and the changes in premium fuel rates, the prices of regular petrol and diesel at pumps-which make up the bulk of daily pump sales-saw only marginal, mixed variations on Sunday.

Below are petrol and diesel prices across major Indian cities on Sunday, 5 April:

Also Read | RBI MPC meeting to US-Iran war: Top 5 triggers likely to dictate stock market Factors affecting petrol and diesel prices in India

There are many factors that influence the prices of petrol and diesel in India, with the most significant being the price of crude oil on international markets.

The rupee-dollar exchange rate also plays a crucial role in determining the prices of petrol and diesel, given that India imports a large share of its crude oil. Simply put, a weaker rupee can increase the cost of imported crude, pushing up domestic fuel prices, or vice versa.

Another factor is the taxes imposed by the Centre and state governments, which form a major component of petrol and diesel prices and are responsible for variations in fuel prices across states.

Demand-supply dynamics and logistical costs also influence the final prices of petrol and diesel in India.

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