India Fuel Prices Hold Steady Amid High Global Crude Costs

Fuel prices in India remained unchanged on October 5, despite global crude oil prices hovering above $100 per barrel due to tensions in West Asia. State-run oil marketing companies have maintained stable retail rates despite rising supply costs, while private retailer Nayara Energy increased petrol prices by ₹5 per litre and diesel prices by ₹3 per litre at its outlets. According to ICRA, these companies are incurring daily losses of around ₹530 crore due to the gap between international fuel costs and domestic retail prices.

In Mumbai, petrol is priced at ₹111.21 per litre, and diesel at ₹97.83 per litre. Delhi sees slightly lower rates, with petrol at ₹102.12 per litre and diesel at ₹95.20 per litre. Other major cities like Kolkata, Chennai, Bengaluru, and Hyderabad have varying prices due to differences in local taxes and transportation charges.

Rising crude oil prices are putting significant pressure on India's oil marketing companies, as domestic fuel rates remain largely unchanged. The gap between international oil costs and retail selling prices is squeezing retailers' margins, forcing them to absorb much of the cost increase. As of October 5, global crude oil prices remain elevated amid geopolitical tensions in West Asia, which could increase India's oil import bill and add pressure on domestic fuel pricing in the coming weeks.

For daily commuters, this means no major shock at the pump, though prices remain higher compared to previous years. Consumers should monitor local rates, as city-specific taxes and other variables lead to differences in retail fuel prices across the country.