Diesel Prices Steady in India Amid Global Fluctuations

Petrol and diesel prices remained steady across major Indian cities on October 17, with no revisions announced by oil marketing companies.

The cost of fuel varies across states and cities due to local taxes, freight charges, and other factors. Global crude oil prices have fluctuated amid escalating geopolitical tensions in the Middle East, but domestic retail prices have remained unchanged. In New Delhi, petrol is retailing at ₹102.12 per litre, and diesel at ₹95.20 per litre.

Mumbai prices are ₹111.21 per litre for petrol and ₹97.83 per litre for diesel. Brent oil hit $110 a barrel for the first time since May, driven by dwindling prospects for imminent supply relief. In the U.S., the war with Iran has led to sharply higher fuel prices, with national averages on Friday at $4.33 a gallon for gasoline (45% above pre-war levels) and $6.33 for diesel (68% above pre-war levels).

Diesel prices have reached record highs, impacting transportation costs for companies like Walmart, which expects elevated diesel prices to wipe out its $2.9 billion tariff refund by the end of 2027. Deutsche Bank noted that competing retailers are also hiking prices. Russia has resumed diesel exports under a deal with the U.S., though analysts suggest Russian firms may benefit more than U.S. consumers. The U.S. deal aims to supply fuel to global markets, potentially lowering American prices by narrowing the supply-demand gap.