Fuel Prices Hold Steady Across Major Indian Cities
On October 12, consumers in major Indian cities saw no change in petrol and diesel prices, even as global crude oil hovered above $100 per barrel. This stability from state-run oil marketing companies (OMCs) like Indian Oil, BPCL, and HPCL contrasts with recent hikes by private retailers.
Jio-bp raised petrol prices by ₹5 per litre and diesel by ₹3 per litre from October 11, following a similar move by Nayara Energy earlier in the month. Despite these private sector adjustments, the majority of the market maintained existing rates, offering a brief respite for daily commuters.
Global Crude Oil Market Influences
The international crude oil market continues to be volatile. Brent crude prices eased slightly to around $103 per barrel, while US West Texas Intermediate (WTI) crude fell to $90.04 per barrel. This minor dip was influenced by expectations of additional oil supplies from Russia, following a proposed energy ceasefire between Russia and Ukraine announced by US President Donald Trump.
However, ongoing geopolitical tensions, particularly in the Middle East with attacks on Saudi Arabia and incidents involving oil tankers, continue to fuel concerns about global supply disruptions. Given that India imports approximately 90% of its crude oil requirements, sustained high international prices exert significant pressure on the nation's import bill and the profit margins of fuel retailers.
Analysts at ICRA estimated that state-run OMCs faced negative marketing margins of minus ₹8 per litre on petrol and minus ₹9 per litre on diesel in September, accumulating combined daily losses of around ₹530 crore. The continued elevation in international oil prices could further strain these margins and increase India’s overall crude import expenses.
City-Specific Fuel Rates on October 12
Here are the latest petrol and diesel prices in key Indian cities as of October 12:
- 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 ₹107.77/L, Diesel ₹99.55/L
- Bengaluru: Petrol ₹111.68/L, Diesel ₹99.56/L
- Hyderabad: Petrol ₹115.69/L, Diesel ₹103.82/L
Consumers should remain vigilant and monitor local rates, as city-specific taxes can lead to variations in retail fuel prices even within the same state.