KKN Gurugram Desk | Crude oil prices are declining again and are approaching $70 per barrel. Meanwhile, India’s oil marketing companies have announced the latest petrol and diesel prices for today, March 4, at 6 AM. There has been no change in fuel prices across the country.
Current Petrol and Diesel Prices in India
Port Blair continues to offer the cheapest petrol and diesel in India. As of today, petrol is priced at ₹82.46 per liter, while diesel costs ₹78.05 per liter. In contrast, Delhi’s fuel prices remain stable, with petrol at ₹94.77 per liter and diesel at ₹87.67 per liter.
Global Crude Oil Price Decline
According to Bloomberg, the Brent crude oil May futures have fallen by 1.63%, reaching $71.62 per barrel. Meanwhile, the WTI April futures have declined by 0.08%, now standing at $68.29 per barrel.
Fuel Prices Higher in Wealthy Nations
Globally, the average petrol price stands at ₹108.84 per liter. However, fuel prices vary significantly among countries. Generally, wealthier nations tend to have higher fuel prices, whereas oil-producing and exporting countries offer cheaper petrol. The United States is an exception, as despite being an advanced economy, it has relatively lower fuel prices.
Top 10 Countries with the Cheapest Petrol
The world’s cheapest petrol is available in Iran, where one liter costs just ₹2.47. Here are the top 10 countries with the lowest petrol prices:
- Iran – ₹2.47 per liter
- Libya – ₹2.66 per liter
- Venezuela – ₹3 per liter
- Angola – ₹28.34 per liter
- Egypt – ₹29.11 per liter
- Algeria – ₹29.49 per liter
- Kuwait – ₹29.49 per liter
- Turkmenistan – ₹37.09 per liter
- Malaysia – ₹40.25 per liter
These countries have significantly lower fuel costs compared to the global average.
Cheapest Petrol Prices in Indian Cities
Here are the Indian cities where petrol is available at the lowest rates:
- Port Blair, Andaman & Nicobar Islands – ₹82.46 per liter
- Itanagar, Arunachal Pradesh – ₹90.87 per liter
- Silvassa, Dadra & Nagar Haveli – ₹92.37 per liter
- Daman, Daman & Diu – ₹92.55 per liter
- Haridwar, Uttarakhand – ₹92.78 per liter
- Rudrapur, Uttarakhand – ₹92.94 per liter
- Una, Himachal Pradesh – ₹93.27 per liter
- Dehradun, Uttarakhand – ₹93.35 per liter
- Nainital, Uttarakhand – ₹93.41 per liter
Cheapest Diesel Prices in Indian Cities
Here are the Indian cities with the most affordable diesel prices:
- Port Blair, Andaman & Nicobar Islands – ₹78.05 per liter
- Itanagar, Arunachal Pradesh – ₹80.38 per liter
- Jammu, Jammu & Kashmir – ₹81.32 per liter
- Samba, Jammu & Kashmir – ₹81.58 per liter
- Kathua, Jammu & Kashmir – ₹81.97 per liter
- Udhampur, Jammu & Kashmir – ₹82.15 per liter
- Chandigarh – ₹82.44 per liter
- Rajouri, Jammu & Kashmir – ₹82.64 per liter
Why Are Petrol Prices Lower in Some Countries?
Fuel prices are influenced by multiple factors, including taxation, subsidies, crude oil availability, and production capacity. Countries with abundant oil reserves, such as Iran, Venezuela, and Libya, offer petrol at extremely low prices due to government subsidies and minimal taxes. On the other hand, developed countries impose heavy taxes on fuel, resulting in higher retail prices.
What Can Affect Petrol and Diesel Prices in India?
In India, fuel prices are determined by oil marketing companies (OMCs) based on:
- International crude oil prices
- Excise duty and VAT (varies by state)
- Refining costs and dealer commissions
- Currency exchange rates
With crude oil prices declining, consumers in India may hope for fuel price reductions in the coming weeks. However, government policies and global market fluctuations will ultimately determine the future petrol and diesel prices.
As of March 4, fuel prices in India remain unchanged. While global crude oil prices are falling, the impact on Indian fuel prices remains uncertain. Currently, Port Blair continues to offer the cheapest petrol and diesel in India, while Iran leads the world in low petrol prices. The coming days will reveal whether India will see fuel price cuts, depending on the crude oil market trends and government policies.