On October 9, 2026, petrol and diesel prices across major Indian cities remained unchanged, offering a measure of relief to daily commuters. This stability comes despite significant volatility and elevated levels in international crude oil markets, where state-run oil marketing companies have opted to absorb the pressure.
Global Crude Oil Pressures Persist
While domestic fuel prices hold steady, global crude oil benchmarks continue to trade at high levels. The Indian Crude Oil Basket is currently priced at $120.34 per barrel. Meanwhile, Brent crude hovers near $103.5 per barrel, and US West Texas Intermediate (WTI) crude is around $90.95 per barrel. These elevated prices pose a continuous challenge for India, a nation heavily reliant on oil imports.
Oil prices saw an uptick on October 9, fueled by escalating tensions in the Middle East, particularly reports of potential large-scale US military operations in Iran. Such geopolitical events frequently rattle global energy markets, leading to price surges and supply concerns.
City-Wise Fuel Prices on October 9, 2026
Despite the global scenario, consumers in major Indian metros experienced no change in retail fuel rates:
- Mumbai: Petrol at ₹111.21 per litre, Diesel at ₹97.83 per litre.
- Delhi: Petrol at ₹102.12 per litre, Diesel at ₹95.20 per litre.
- Kolkata: Petrol at ₹113.51 per litre, Diesel at ₹99.82 per litre.
- Chennai: Petrol at ₹107.76 per litre, Diesel at ₹99.55 per litre.
- Bengaluru: Petrol at ₹111.68 per litre, Diesel at ₹99.56 per litre.
- Hyderabad: Petrol at ₹115.69 per litre, Diesel at ₹103.82 per litre.
These figures highlight the varying prices influenced by state-specific taxes and levies, even within the same country.
Outlook for Fuel Marketing Companies
The decision by oil marketing companies (OMCs) to maintain retail prices means they are currently facing pressure on their marketing margins. Analysts, including ICRA, have flagged negative marketing margins for OMCs given the disparity between high international crude costs and stable domestic retail rates. A prolonged period of elevated crude prices could significantly increase India’s oil import bill and intensify financial strain on fuel retailers in the coming weeks.
Another crucial factor is the rupee-dollar exchange rate. As India imports most of its crude oil, a weakening rupee directly increases the cost of procurement, which can eventually translate into higher retail fuel prices for consumers.