After a weeklong decline, international crude oil prices rebounded on Thursday, October 16, prompting minor price changes in fuel markets across India. The West Texas Intermediate (WTI) crude rose by $0.46 (0.79%) to $58.73 per barrel, while Brent Crude climbed by $0.44 (0.71%) to $62.35 per barrel.
Price Trends Across Indian Cities
In major cities including New Delhi, Mumbai, and Kolkata, retail prices for petrol and diesel showed little or no change:
- New Delhi: Petrol ₹94.77/litre, Diesel ₹87.67/litre
- Mumbai: Petrol ₹103.50/litre, Diesel ₹90.03/litre
- Kolkata: Petrol ₹105.41/litre, Diesel ₹92.02/litre
- Chennai: Petrol ₹100.80/litre, Diesel ₹92.39/litre
Some cities, however, experienced either slight increases or decreases due to local tax and supply adjustments. For instance:
- Gurugram: Petrol up by ₹0.15 at ₹95.65/litre, Diesel up by ₹0.13 at ₹88.10/litre
- Noida: Petrol ₹95.05/litre (+₹0.28), Diesel ₹88.19/litre (+₹0.30)
- Jaipur: Petrol ₹104.41/litre (-₹0.31), Diesel ₹89.93/litre (-₹0.28)
- Patna: Petrol ₹105.23/litre (-₹0.35); Diesel ₹91.49/litre (-₹0.32)
- Bhubaneswar: Petrol ₹101.11/litre (-₹0.05), Diesel ₹92.69/litre (-₹0.05)
Factors Influencing Fuel Prices
Fuel rates in India continue to be shaped by global crude oil movements, rupee-dollar exchange volatility, domestic taxes, and distribution costs. The government’s policy of daily price revision—managed by oil marketing companies—ensures retail prices reflect international trends, even as central and state fuel taxes form a major share of final costs.
Impact and Outlook
While urban consumers in metros enjoy a period of price stability, fluctuations in other regions require heightened awareness among local traders and commuters. LPG prices remain unchanged in most states, further providing relief amidst festival shopping