Fuel rates were held steady on Wednesday, unchanged across all metro cities. The last major revision in petrol prices was in March 2024, when the rate was cut by Rs 2 per litre.
Here are the updates on the petrol and diesel price on May 7, 2025: In Delhi, a litre of petrol is retailed at Rs 94.77, and diesel costs Rs 87.67. In Mumbai, petrol is priced at Rs 103.50 per litre, and diesel costs Rs 90.03. In Chennai petrol is now sold at Rs 101.03 a litre, and diesel costs Rs 92.61. Petrol is sold at Rs 105.01 in Kolkata, and diesel is priced at Rs 91.82.
In India, fuel prices have remained steady since May 2022, after the central government and various state governments reduced fuel taxes.
Currently, oil marketing companies such as state-run Indian Oil Corporation review the domestic prices of petrol and diesel on a daily basis, and any changes – determined broadly by the global crude oil prices and the foreign exchange rates – are effected at the fuel stations at 6 am.
The price revisions method, or the dynamic fuel price methodology, considers several factors such as international crude prices, the exchange rate of the rupee against the dollar, actual and expected demand, and the trade flow in global crude markets.
On Wednesday, crude oil prices rose with Brent crude – the global benchmark for crude oil – rising 0.76%. The Brent crude had slipped below $59, the lowest level since February 2021 earlier this week. On Year-to-date basis Brent Crude was down nearly 20%, this is the worst start to the year since 2020. In April alone the benchmark fell 15.6%, showing the biggest decline since November 2021.
The decline in the benchmark through April was due to higher production amid demand fears. This is the second consecutive month of production hike. Additionally, tariffs have raised fears of a recession that will slow demand.
. Read more on Markets by NDTV Profit.In Mumbai, petrol is priced at Rs 103.50 per litre, and diesel costs Rs 90.03. Read MoreMarkets, Business, Nation
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