Fuel prices remained stable across major Indian cities on Wednesday, May 14, 2025, providing some relief to consumers. This follows a period of fluctuating global crude oil prices and adjustments in response to international market dynamics.
In Delhi, petrol is retailing at ₹94.77 per liter, while diesel is priced at ₹87.67 per liter. Mumbai residents are paying ₹103.50 for a liter of petrol and ₹90.03 for diesel. In Chennai, the prices stand at ₹100.80 for petrol and ₹92.39 for diesel. Kolkata sees petrol selling at ₹105.41 per liter and diesel at ₹92.02. In Bhubaneswar, Odisha, petrol costs ₹101.11 per liter and diesel ₹92.69 per liter.
These prices reflect a period of relative stability after the last major revision in March 2024, when petrol prices were reduced by ₹2 per liter. Since May 2022, fuel prices in India have largely remained steady, thanks to reduced fuel taxes by the central and state governments.
The daily price revisions by oil marketing companies like Indian Oil Corporation are based on the dynamic fuel price methodology. This method considers various factors, including international crude prices, the exchange rate between the rupee and the dollar, demand, and global crude market trade flows.
Currently, global crude oil prices are showing a declining trend. Brent crude, the global benchmark, fell by 0.27% on Wednesday and had previously slipped below $59, a level not seen since February 2021. In April, Brent crude fell by 15.6%, marking the largest decline since November 2021. This drop was attributed to increased production amid concerns about demand, as well as fears of a recession due to tariffs.
In the Philippines, there has been a slight reprieve for motorists as firms announced another round of pump price rollbacks. Gasoline prices decreased by P0.30 per liter, diesel by P0.90 per liter, and kerosene by P1.25 per liter. These adjustments, which took effect on Tuesday, May 13, mark the second consecutive week of downward price adjustments. The Department of Energy - Oil Industry Management Bureau (DOE-OIMB) had projected these decreases, citing OPEC's decision to increase June production levels and uncertainty surrounding US-China trade talks.
Malaysia sees weekly price updates. For the week of May 8, 2025, to May 14, 2025, diesel prices in Peninsular Malaysia and RON97 prices nationwide will decrease by eight sen per liter, setting prices at RM2.80 and RM3.10, respectively. Diesel in East Malaysia remains at RM2.15 per liter, while RON95 stays at RM2.05 per liter. These prices are determined by the Ministry of Finance based on the Automatic Pricing Mechanism (APM), which monitors global crude oil prices to ensure the welfare of the people.
Overall, the global fuel market remains influenced by a complex interplay of factors, including crude oil production levels, geopolitical events, and economic forecasts. While prices have remained relatively stable in India, consumers are advised to stay informed about these dynamics to anticipate potential future fluctuations.
