Petrol and diesel prices remained unchanged across major Indian cities on September 7 despite a sharp rise in global crude oil prices amid renewed US-Iran tensions and Strait of Hormuz concerns.
Petrol and diesel prices remained largely steady across major Indian cities on Monday, September 7, with no major nationwide revision announced in the latest rates. Fuel prices in India vary from city to city because of differences in state taxes, VAT and other local levies. Oil marketing companies revise retail fuel prices daily, with the latest rates applicable from 6 am.
The Strait of Hormuz is particularly important for global energy markets because a significant volume of crude oil and petroleum products passes through the waterway. Any prolonged disruption could push international crude prices higher and increase pressure on countries such as India, which relies heavily on imported crude oil.
However, the increase in global crude prices has not resulted in a corresponding increase in retail petrol and diesel prices in India on September 7. State-owned oil marketing companies have kept pump prices unchanged across major cities.
Petrol and Diesel rates on September 7
Also Read: Petrol, Diesel Prices Today, September 6: Check Latest Rates in Delhi, Mumbai, Bengaluru and More
The difference in fuel prices across cities is primarily linked to state-level taxation and local charges rather than a different base price of crude oil. Consequently, motorists in cities with higher state taxes pay more at the pump even when national fuel prices remain unchanged.
Why do rates differ from city to city?
Petrol and diesel prices aren’t identical across India because the final retail price includes different state taxes, VAT and local levies. This is why motorists in cities such as Hyderabad, Kolkata and Mumbai pay considerably more than consumers in Delhi.
The daily retail prices are also updated by oil marketing companies, with the prevailing rates generally taking effect from 6 am.
Also Read: Petrol, Diesel Prices Today, September 5: Check Latest Rates in Delhi, Mumbai, Bengaluru and More