On 29th January, despite a drop in crude oil prices falling below $80 per barrel, there has been no change in the rates of petrol and diesel across India. As per the latest update, petrol in Kumbh city (Prayagraj) and Delhi is priced at Rs 94.77 per liter, while diesel is priced at Rs 87.67 per liter in Delhi and Rs 87.92 in Prayagraj.
Interestingly, the price of petrol in Port Blair is somewhat lower at Rs 82.46, with diesel priced at Rs 78.05 per liter. Just like every other day, oil marketing companies like Indian Oil Corporation, HPCL, and BPCL released the updated rates at 6 AM today.
Global Crude Oil Price Trends on 29th January 2025
According to Bloomberg reports, on January 29, 2025, Brent crude futures for March delivery rose by 0.41%, reaching $77.49 per barrel. Similarly, WTI March futures saw a slight increase of 0.09%, reaching $73.84 per barrel by 6 AM.
Global Comparison: Cheapest and Most Expensive Petrol Prices
While petrol prices are at a premium in many parts of the world, some countries continue to sell it at shockingly low rates. Iran leads the list with the cheapest petrol, where a liter costs just Rs 2.47. This is significantly lower compared to the most expensive petrol in the world, which is found in Hong Kong at Rs 294.97 per liter.
Other countries with cheap petrol include Libya, where the price per liter is around Rs 2.64, and Venezuela, with a price just over Rs 3 per liter in Indian currency. Following these countries, Angola has relatively cheaper rates, with petrol priced at Rs 28.43, still much higher than those in the first three countries but notably cheaper than many other regions.
This stark contrast between petrol prices in different countries highlights the ongoing differences in global oil markets, taxation, and government subsidies that impact fuel prices.