Oil prices saw a significant bounce on 3 January 2025, as global crude prices rose with Brent crude futures reaching $76.05 per barrel and US West Texas Intermediate (WTI) crude surging to $73.25 per barrel. This surge came as investors greeted the new year with optimism, particularly around China’s economic recovery and its growing fuel demand.
Despite these positive movements, experts predict that global oil prices in 2025 will be largely constrained near $70 per barrel. A forecasted 3% decline in 2024, increased global supplies, and weaker demand from China are expected to limit the price gains, even as OPEC+ works to balance the global oil market. Rahul Kalantri, VP Commodities at Mehta Equities, highlighted that crude oil prices are likely to remain volatile, with support levels at $72.10–71.50 and resistance at $73.50–74.10 during today’s session. In Indian rupee terms, crude oil is expected to find support at Rs 6,240–6,180 and resistance at Rs 6,360–6,410.
Here’s a look at the latest petrol and diesel prices in key cities across India as of 3 January 2025:
- Mumbai: Petrol – Rs 103.50 per litre, Diesel – Rs 90.03 per litre
- Kolkata: Petrol – Rs 105.01 per litre, Diesel – Rs 91.82 per litre
- Gurgaon: Petrol – Rs 95.25 per litre, Diesel – Rs 88.10 per litre
- Pune: Petrol – Rs 104.14 per litre, Diesel – Rs 90.67 per litre
- Lucknow: Petrol – Rs 94.69 per litre, Diesel – Rs 87.81 per litre
- Nagpur: Petrol – Rs 104.32 per litre, Diesel – Rs 90.87 per litre
- Chennai: Petrol – Rs 101.80 per litre, Diesel – Rs 92.39 per litre
- Hyderabad: Petrol – Rs 107.46 per litre, Diesel – Rs 95.70 per litre
- Ranchi: Petrol – Rs 97.86 per litre, Diesel – Rs 92.62 per litre
- Thane: Petrol – Rs 103.70 per litre, Diesel – Rs 90.22 per litre
- Aurangabad: Petrol – Rs 106.94 per litre, Diesel – Rs 93.76 per litre
- Ludhiana: Petrol – Rs 97.62 per litre, Diesel – Rs 88.10 per litre
As global crude prices show fluctuations, fuel prices in India continue to be influenced by a complex set of domestic and international factors. While the industry anticipates strong demand for oil and gas in India in the coming year, the challenges of lower refining margins and subdued global demand may weigh on profitability.