Petrol Prices Up 7.76%, Diesel Up 8.60%, CNG Up 7.78%; V3Cars Predictions Coming True After A Long Delay | V3Cars

You can read more about our predictions and the logic behind those predictions in the following article:

How Will US-IRAN War Impact Petrol, Diesel, CNG Prices, Affect Car Prices & Indian Auto Industry?

We expected all 3 major transportation fuels would witness a 5-10% hike. Petrol prices in Delhi stand at Rs. 102.12, diesel at Rs. 95.20 and CNG at Rs. 83.09. Petrol, diesel and CNG have gone up by 7.76%, 8.60% and 7.78%, respectively — perfectly in our predicted range of 5-10%.

But … What’s Next?

International ‘light-sweet’ Brent crude prices have cooled off quite a bit from their recent peaks. Similarly, INR also appears to be gaining some of its ground back. However, the price of crude in INR continues to  remain high. Any drop in crude prices is eaten up by the depreciation of our currency. At the time of writing this, USD is trading at Rs. 95.77 and Brent crude is at $95.08. That makes one barrel of crude cost Rs. 9,108.

Clearly, we’re not out of the woods yet. The crude prices may appear to stabilise, but our currency depreciation play may not be over yet. So, we should expect a barrel of crude to stay above Rs. 9,000 for the next few months.

Moreover, we haven’t yet hit the upper limit of our prediction yet. We expected fuel prices to go up 5-10% and there’s still roughly Rs. 1.50 - 2.50 breathing room left there. We still expect the Indian fuel prices to stabilise around +10% mark with a margin of error of +/-1.0%.

So, don’t be surprised if the prices breach our upper limit by up to 1%; as in net hike from pre-election prices of 11%.

V3 Predictions — Upper Limit Of Petrol, Diesel, CNG Prices

Including a 1% margin of error in our estimations; we can say with a great deal of confidence that the prices could stabilise for some time around Rs. 104.25 - 105.20 for petrol in Delhi. Diesel could hit a ceiling of Rs. 96.43 - 97.30 in Delhi. Lastly, CNG prices in Delhi could go up to Rs. 84.80 - 85.87.

The benefit of breaching the 10% mark for the government is that they could build up some buffer and then drop the prices 1-2%. Thus it becomes a safety valve for the pressure among citizens.

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Before you finalise your next car, these V3Cars tools can help you make a more informed decision:

Fuel Cost Calculator for Cars – Know your monthly fuel expense based on usage and mileage

Car On-Road Price Calculator – Convert ex-showroom to on-road price for any city

Sell Used Car Online – Enter your car and contact details to get an instant price estimate and book a free inspection with our partner network