No change was recorded in petrol prices in major cities in India on Saturday. In New Delhi, the price of gasoline stabilized at $94.77 while he was in Mumbai, Maharashtra $103.54. Diesel prices also recorded a similar trend without any major fluctuations.
This comes a day after the central government announced a reduction in special surcharges on diesel and petrol $3 per liter and zero respectively.
Among the major cities, the highest price of petrol was recorded in Hyderabad, at $ 107.46 same price as yesterday.
Below are gasoline prices by city
Below are diesel prices by city
Diesel prices in major cities remained largely unchanged, with the highest recorded in Hyderabad at $95.70. Diesel price in Delhi reached 87.67.
Also Read: Rumors of fuel shortage spark panic at petrol pumps in Ludhiana
Explaining the rationale behind the special duty cut, Union Petroleum Minister Hardeep Singh Puri on Friday said that amid the ongoing conflict between Israel, Iran and the US, Prime Minister Narendra Modi had only two options: either increase fuel prices or bear the financial burden such that Indian citizens are isolated.
The tariff move comes amid disruptions to global energy supplies due to a bottleneck on the main waterway, the Strait of Hormuz, which is crucial for shipping gas and oil.
Also Read: Clash at Gorakhpur petrol station amid panic buying; Authorities say fuel supplies are sufficient.
Meanwhile, consumers lined up in front of petrol stations amid fears of petrol shortages earlier. Uttar Pradesh witnessed an unprecedented rise in petrol and diesel sales over the past two days, nearly double last year’s numbers, due to panic buying, HT reported.
Sanjay Bhandari, CEO and country head of Indian Oil Corporation, said the rally from March 25-26 was entirely driven by panic buying, not supply disruption, ANI reported.
Home Minister Amit Shah said that when retail prices are rising across the world, India is the only country that has not seen an increase in petrol and diesel prices.
