Petrol and diesel prices across India's major cities have held steady on October 8, offering consumers a reprieve despite significant volatility in international oil markets. This stability comes as global crude oil prices continue to trade at elevated levels, driven by escalating tensions in the Middle East and concerns over supply disruptions.
Global Crude Prices Climb
Global crude oil benchmarks saw an upward trend on October 8. Brent crude futures for December delivery surged to $101.54 a barrel, marking a 1.36% increase. Similarly, US West Texas Intermediate (WTI) futures for November delivery advanced by 1.04% to $89.32 per barrel. The Indian Crude Oil Basket is currently priced at $120.73 per barrel, indicating the high cost of imports for the nation.
Reports of potential large-scale military operations in Iran by the US have further rattled global energy markets, contributing to the price hikes. Industry experts note that sustained high crude prices could significantly impact India's fuel import bill and put pressure on the pricing outlook in the coming days.
Retail Fuel Rates in Major Indian Cities
As of October 8, retail fuel prices in major metropolitan areas are as follows:
- 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 rates reflect the decision by state-run oil marketing companies to maintain retail prices, absorbing the current increase in crude costs.
Impact on Oil Marketing Companies and Consumers
While the stability provides immediate relief to daily commuters, the rising international oil prices are adding considerable pressure on India’s oil marketing companies (OMCs). ICRA has reportedly flagged negative petrol and diesel marketing margins for OMCs under these conditions. A weakening rupee against the US dollar could further exacerbate the situation, increasing the cost of crude procurement and potentially leading to higher retail fuel prices in the future.
Consumers are advised to monitor local rates, as city-specific taxes can lead to variations in retail fuel prices even within the same state.