NEW DELHI – Petrol and diesel prices across major Indian cities held steady on October 15, despite a slight easing in global crude oil benchmarks. This stability comes as state-run oil marketing companies (OMCs) continue to absorb international price fluctuations, facing increasing financial pressure.
Global Crude Eases, Geopolitical Risks Persist
In early trade, Brent crude fell to approximately $104.5 per barrel, while US West Texas Intermediate (WTI) crude declined to $94.03 per barrel. This dip followed a previous session's rise driven by renewed Houthi attacks on Saudi targets and ongoing risks to shipping routes through the Strait of Hormuz. Despite these geopolitical uncertainties influencing international energy markets, retail fuel prices in India have remained unchanged.
OMCs Under Significant Pressure
Indian Oil Corporation, Bharat Petroleum, and Hindustan Petroleum, the country's prominent state-run OMCs, have maintained constant retail prices for petrol and diesel. However, this stability comes at a cost. ICRA, a credit rating agency, estimated that these companies faced marketing margins of minus ₹8 per litre on petrol and minus ₹9 per litre on diesel in September, resulting in combined daily losses of around ₹530 crore. Sustained high international oil prices could further strain these margins if domestic retail rates remain static, impacting the country's oil import bill.
Latest Fuel Prices in Major Cities (October 15)
- Mumbai: Petrol ₹111.21/L, Diesel ₹97.83/L
- Delhi: Petrol ₹102.12/L, Diesel ₹95.20/L
- Kolkata: Petrol ₹113.51/L, Diesel ₹99.82/L
- Chennai: Petrol ₹107.76/L, Diesel ₹99.55/L
- Bengaluru: Petrol ₹111.68/L, Diesel ₹99.56/L
- Hyderabad: Petrol ₹116.15/L, Diesel ₹104.23/L
The national average petrol price stands at ₹111.21 per litre, with diesel at ₹97.83 per litre.
What This Means for Consumers
For daily commuters, the consistent pricing means no immediate shock at the pump, though current rates remain elevated compared to previous years. The rupee-dollar exchange rate also plays a crucial role, as a weakening rupee increases the cost of imported crude, potentially impacting future retail prices. Consumers are advised to monitor local rates, as city-specific taxes can lead to variations even within the same state.