Petrol and diesel prices: Check rates in major cities on May 18

Petrol and diesel prices: Oil marketing companies have kept the fuel rates unchanged in most cities across the country. Prices across major metropolitan cities New Delhi, Kolkata, Mumbai, and Chennai have been steady over the last eleven months with minor fluctuations here and there.

The prices in other cities have seen some tweaks. On May 18, oil prices in NCR cities were revised. Petrol has become Rs 97 a litre in Noida today, while diesel price has gone up by 21 paise to Rs 90.14 a litre.

Petrol became costlier by 14 paise in Ghaziabad on Thursday and reached Rs 96.58 a litre while diesel has gone up by 13 paise to Rs 89.75 a litre.  

The petrol and diesel prices vary from state to state as the final price depends on various criteria such as Value Added Tax (VAT), freight charges, local taxes, etc.

In major cities, the prices have been steady. In Delhi, petrol is being sold for Rs 96.72 a litre, while diesel is available for Rs 89.62 a litre. Petrol price in Mumbai is Rs 106.31 and diesel is Rs 94.27 per litre. Petrol price in Kolkata is Rs 106.03 and diesel is Rs 92.76 per litre. On the other hand, petrol is being sold at Rs 102.63 and diesel at Rs 94.24 per litre in Chennai.

CIties	Petrol price on May 18	Diesel price on May 18
New Delhi	Petrol rate: Rs 96.72 per litre	Diesel rate: Rs 89.62 per litre
Noida	Petrol rate: Rs 96.65 per litre	Diesel rate: Rs 89.82 per litre
Ghaziabad	Petrol rate: Rs 96.58 a litre	Diesel rate: Rs 89.75 a litre
Bengaluru	Petrol rate: Rs 101.94 per litre	Diesel rate: Rs 87.89 per litre
Chennai	Petrol rate: Rs 102.73 per litre	Diesel rate: Rs 94.33 per litre
Kolkata	Petrol rate: Rs 106.03 per litre	Diesel rate: Rs 92.76 per litre
Mumbai	Petrol rate: Rs 106.31 per litre	Diesel rate: Rs 94.27 per litre
Lucknow	Petrol rate: Rs 96.57 per litre	Diesel rate: Rs 89.76 per litre
Gurugram	Petrol rate: Rs 97.04 per litre	Diesel rate: Rs 89.91 per litre

 

Public sector oil marketing companies in India, such as Bharat Petroleum Corporation Ltd (BPCL), Indian Oil Corporation Ltd (IOCL) and Hindustan Petroleum Corporation Ltd (HPCL), revise their prices daily in line with international benchmark prices and forex rates.

Public sector oil marketing companies in India, such as Bharat Petroleum Corporation Ltd (BPCL), Indian Oil Corporation Ltd (IOCL) and Hindustan Petroleum Corporation Ltd (HPCL), revise their prices daily in line with international benchmark prices and forex rates.

The last major change, which affected fuel rates across the country, was on May 21, 2022, when Finance Minister Nirmala Sitharaman slashed excise duty on petrol by Rs 8 per litre and Rs 6 per litre on diesel.

International oil prices

Crude oil prices settled up about $2 on Wednesday as optimism over oil demand and US debt ceiling negotiations outweighed worries about abundant supply, according to Reuters.

Brent crude futures settled up $2.05, or 2.7 per cent, to $76.96 a barrel. West Texas Intermediate U.S. crude settled up $1.97 or 2.8 per cent to $72.83.

The International Energy Agency on Tuesday predicted demand would outpace supply by 2 million barrels per day (bpd) in the second half of the year, with China making up 60 per cent of oil demand growth in 2023.

In China, April industrial output and retail sales growth undershot forecasts, suggesting the economy lost momentum at the beginning of the second quarter.

Markets are in a "wait-and-watch mode" over the outcome of the debt ceiling negotiations, said Vandana Hari, founder of oil market analysis provider Vanda Insights.

Also read: Weather forecast: Monsoon onset over Kerala likely between June 4-7 

Also read: SBI Q4 results: Profit surge likely in seasonally strong quarter, loan growth to lag peers

Also read: GST rate cuts in limbo as elections loom; Council to appoint new chairperson for GoM