Petrol and diesel prices on October 11: Check current rates in Mumbai, Delhi, Kolkata, other cities here

Petrol and diesel prices on October 11: Petrol and diesel prices were kept unchanged on Wednesday, October 11, in major cities like New Delhi, Kolkata, Mumbai, and Chennai.  After the daily revision by oil marketing companies, the price of petrol in Delhi is currently Rs 96.72 per litre, while diesel is being sold at Rs 89.62 per litre.  

In Mumbai, petrol is available for Rs 106.31 per liter, with diesel can be bought for Rs 94.27 per litre. In Kolkata, the cost of petrol is Rs 106.31 per litre, with diesel priced at Rs 92.76 per litre. In Chennai, petrol is available for Rs 102.63 per liter, while diesel can be obtained for Rs 94.24 per litre.

The government oil companies have revised the fuel prices in some states. In Maharashtra, petrol prices were reduced by 57 paise and diesel by 55 paise.

In poll-bound Rajasthan, petrol has become cheaper by 30 paise and diesel by 27 paise. In West Bengal too, petrol prices have come down by 48 paise and diesel by 45 paise. On the other hand, petrol and diesel are being sold costlier by 28 paise in Haryana. There is a minor hike in the prices of petrol and diesel in Jharkhand and Uttar Pradesh. In Noida, petrol is sold for Rs 97.00, while diesel is available for Rs 89.76.

Bengaluru     

Petrol: Rs 101.94     

Diesel: Rs 87.89 

Chandigarh     

Petrol: Rs 98.65     

Diesel: Rs 90.05 

Chennai    

Petrol: Rs 102.86     

Diesel: Rs 94.46 

Gurugram     

Petrol: Rs 96.66     

Diesel: Rs 89.54 

Kolkata     

Petrol: Rs 106.03     

Diesel: Rs 92.76 

Lucknow     

Petrol: Rs 96.57     

Diesel: Rs 89.76 

Mumbai    

Petrol: Rs 106.31   

Diesel: Rs 94.27 

New Delhi     

Petrol: Rs 96.72     

Diesel: Rs 89.62 

Noida  (Gautam Buddha Nagar)   

Petrol: Rs 97.00     

Diesel: Rs 89.96    

Ghaziabad

Petrol: Rs 96.58

Diesel: Rs 89.75

On Monday, Moody's Investors Service said petrol and diesel prices are unlikely to be increased despite firming raw material costs because of upcoming general elections next year despite the disruption in the global market.  

It observed Indian oil marketing companies — Indian Oil Corporation (IOC), Bharat Petroleum Corporation Ltd (BPCL) and Hindustan Petroleum Corporation Ltd (HPCL) — which control roughly 90 per cent of the market, have kept petrol and diesel prices on freeze for a record 18 months in a row despite the raw material (crude oil) cost surging last year, leading to heavy losses in first half of 2022-23 fiscal year before easing oil prices propelled them to profitability.

"High crude oil prices will weaken the profitability of the three state-owned oil marketing companies in India — IOC, BPCL and HPCL," Moody's said in a report.

Crude oil prices

Though Israel produces very little crude oil, oil edged higher on Wednesday as investors grappled with the prospect of supply disruptions due to the Israel-Gaza turmoil. Brent crude rose 26 cents, or 0.3 per cent, to $87.91 a barrel by 0312 GMT. U.S. West Texas Intermediate (WTI) crude rose 17 cents, or 0.2 per cent, to $86.14 a barrel.

Brent and WTI surged more than $3.50 on Monday as the military clashes raised fears that the conflict could spread beyond Gaza, but settled lower in Tuesday's session.

Markets are worried that the Israel conflict could escalate and hurt Middle East supply, worsening an expected deficit for the rest of the year.

Top oil exporter Saudi Arabia said on Tuesday it is stepping up efforts with partners to prevent the escalation of the situation in Gaza and neighbouring areas, and reaffirmed its supports to stabilise oil markets.

"Crude oil witnessed a mild wave of profit-taking in the international markets, a response to improved risk sentiments and a lack of immediate threats to the supply of Iranian oil amid the Middle East crisis. Following a significant sell-off in the preceding session, global equity markets rebounded. Notably, the United States has not issued any cautionary statements regarding the supply of Iranian oil in light of the Israel-Hamas conflict, which has, in turn, prompted profit-taking in the crude oil market," said Rahul Kalantri, VP Commodities, Mehta Equities.

"In today's trading session, we anticipate that crude oil prices will remain volatile. The support levels for crude oil stand at $84.10–83.40, with resistance levels at $85.80–86.50. In the context of the Indian Rupee (INR), crude oil is supported at Rs 7,040-6,950, and resistance is evident at Rs 7,220–7,290," Kalantri added.