On October 11, 2026, petrol and diesel prices across major Indian cities remained unchanged, offering a measure of stability to consumers. This decision by state-run oil marketing companies comes despite continued volatility and elevated price levels in the international crude oil markets.
Global Crude Prices Remain High
While domestic fuel rates stayed steady, global crude oil prices continued to trade at high levels. The Indian Crude Oil Basket was valued at $121.05 per barrel. Brent crude futures hovered near $104.7 per barrel, with US West Texas Intermediate (WTI) crude futures around $91.85 per barrel.
Oil prices climbed on October 11, fueled by escalating Middle East tensions following reports of potential large-scale military operations. Brent crude futures for December delivery rose by 0.44% to $104.72 a barrel, while US WTI futures for November delivery increased by 0.36% to $91.85 per barrel.
City-Wise Fuel Prices on October 11
Despite the national stability, retail fuel prices still vary significantly across cities due to differing local taxes. Here are the latest rates (per litre):
- Mumbai: Petrol ₹111.21, Diesel ₹97.83
- Delhi: Petrol ₹102.12, Diesel ₹95.20
- Kolkata: Petrol ₹113.51, Diesel ₹99.82
- Chennai: Petrol ₹107.76, Diesel ₹99.55
- Bengaluru: Petrol ₹111.68, Diesel ₹99.56
- Hyderabad: Petrol ₹116.15, Diesel ₹104.23
Pressure on Oil Marketing Companies
The sustained high international crude oil prices are putting considerable pressure on India's oil marketing companies (OMCs). While they have absorbed the increases to keep domestic retail prices stable, ICRA has indicated negative marketing margins for petrol and diesel. Prolonged elevation in crude prices could significantly increase India’s oil import bill and intensify financial strain on fuel retailers in the coming weeks.
The rupee-dollar exchange rate is another critical factor, as India heavily relies on imported crude. A weakening rupee against the dollar directly increases the cost of crude procurement, which can eventually translate into higher retail fuel prices for consumers.
Outlook for Consumers
For daily commuters, the unchanged prices mean no immediate shock at the pump, though current rates remain elevated compared to previous years. Consumers are advised to monitor local rates regularly, as city-specific taxes ensure that prices can differ even within the same state.