Petrol and diesel prices remained unchanged across major Indian cities on October 10, despite elevated international crude oil rates. State-run oil marketing companies (OMCs) have kept retail fuel prices steady, offering some relief to motorists amid continued volatility in global energy markets.
However, if crude oil prices remain high for an extended period, India could face a larger oil import bill, while fuel retailers may experience further pressure on their marketing margins.
The Indian Crude Oil Basket was reported at $120.34 per barrel, while Brent crude traded near $104.72 per barrel and US West Texas Intermediate (WTI) crude stood at $91.85 per barrel.
Petrol and Diesel Prices in Major Cities on October 10
Here are the reported retail petrol and diesel prices across six major Indian cities.
| City | Petrol (per litre) | Diesel (per litre) |
|---|---|---|
| Mumbai | ₹111.21 | ₹97.83 |
| Delhi | ₹102.12 | ₹95.20 |
| Kolkata | ₹113.51 | ₹99.82 |
| Chennai | ₹107.76 | ₹99.55 |
| Bengaluru | ₹111.68 | ₹99.56 |
| Hyderabad | ₹115.69 | ₹103.82 |
In Mumbai, petrol costs ₹111.21 per litre, while diesel is priced at ₹97.83. In Delhi, petrol is available at ₹102.12 per litre and diesel at ₹95.20.
Fuel rates differ between cities because of variations in local taxes and other pricing factors. Consumers should check the latest rates applicable to their locations before refuelling.
Global Crude Oil Prices Rise Amid Supply Concerns
International oil prices moved higher on October 10 as tensions in the Middle East continued to influence energy markets. Reports that the United States was considering large-scale military operations in Iran over the coming weeks added to market uncertainty.
Brent crude futures for December delivery rose 0.44% to $104.72 per barrel, while US WTI futures for November delivery gained 0.36% to reach $91.85 per barrel.
Brent crude had also moved above $100 per barrel earlier in the week amid concerns about possible supply disruptions following attacks in Saudi Arabia and a storm threatening oil production in the US Gulf.
The increase in international crude prices has created additional challenges for Indian oil marketing companies. ICRA has flagged negative marketing margins for petrol and diesel retailers, highlighting the pressure they face while domestic pump prices remain largely unchanged.
Will Petrol and Diesel Prices Increase?
The recent rise in crude oil prices could affect India’s fuel pricing outlook if elevated rates persist. Because the country relies heavily on imported crude, changes in international prices can have a significant impact on its oil import expenditure.
The rupee-dollar exchange rate is another important factor. When the rupee weakens against the US dollar, purchasing crude oil from international markets becomes more expensive, potentially adding to the cost pressures faced by fuel retailers.
For now, petrol and diesel prices in the listed cities remain unchanged. However, the direction of global crude prices, currency movements and marketing margins will remain important factors to watch in the coming days.
What Do Stable Fuel Prices Mean for Consumers?
For daily commuters, unchanged petrol and diesel rates mean there is no immediate increase in the cost of refuelling based on the reported prices for October 10.
Nevertheless, fuel prices remain relatively high, and continued increases in crude oil costs could create pressure in the weeks ahead. Consumers should monitor local fuel rates because differences in state and city-level taxes can lead to varying prices across the country.
Disclaimer
This article is intended for general informational purposes only. The fuel prices and international crude oil figures mentioned are based on the information provided for October 10 and may change. Actual retail rates can vary by location and over time. Readers should verify the latest prices through official oil marketing company sources before making decisions based on this information.