Petrol, Diesel Rates on November 1: Prices constant in Delhi, Mumbai, Kolkata, Chennai; some cities see minor revision

Petrol and diesel prices on November 1: Indian oil marketing companies have kept the petrol and diesel prices constant in New Delhi, Kolkata, Mumbai, and Chennai on Wednesday, November 1. There were minor tweaks in Chhattisgarh, Gujarat, Haryana, Himachal, Kerala, Odisha, Uttar Pradesh, Madhya Pradesh, Manipur and Tripura.

The Indian government has kept the fuel rates at a steady level since last May. On May 21, 2022, Finance Minister Nirmala Sitharaman revised the excise duty and slashed it on petrol by Rs 8 per litre and Rs 6 per litre on diesel.  

In Delhi, petrol price stands at Rs 96.72 per litre, while diesel is being sold at Rs 89.62 per litre. In Mumbai, petrol is being sold for Rs 106.31 per litre, while diesel is available for Rs 94.27 per litre.  

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

Fresh rate revision

In Chhattisgarh, petrol prices were slashed by 50 paise and diesel by 49 paise. Petrol prices were cut in Madhya Pradesh, Manipur and Tripura. On the other hand, petrol prices were hiked in Maharashtra by 33 paise and diesel by 32 paise. Haryana, Himachal, Kerala, Odisha and Uttar Pradesh have increased the fuel prices.

Here is the fresh price chart for major cities:

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 96.71     

Diesel: Rs 89.59 

Kolkata     

Petrol: Rs 106.03     

Diesel: Rs 92.76 

Lucknow     

Petrol: Rs 96.47     

Diesel: Rs 89.72 

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 89.76    

Ghaziabad

Petrol: Rs 96.58

Diesel: Rs 89.75

Crude oil

Oil prices rallied in early Asian trade on Wednesday ahead of key global central bank meetings this week including the US Federal Reserve. The markets are also closely watching the latest developments in the Israel-Hamas conflict.

Brent January crude futures rose 36 cents, or 0.4 per cent, to $85.38 a barrel by 0040 GMT, after falling $1.33 on Tuesday. Brent December futures settled 4 cents lower at $87.41 a barrel at the contract's expiry on Tuesday.

Crude oil exhibited high volatility, witnessing a consecutive second-day decline in prices due to a decrease in the war risk premium. The drop was also fueled by a rebound in the dollar index pre-Fed meeting outcomes and disappointing Chinese manufacturing PMI data. Notably, October saw a substantial decrease in crude oil prices by over 10.0%, marking the most significant monthly fall since May 2023. However, a notable decline in European inflation rates bolstered the euro and provided some support to energy prices at their reduced levels.

"Crude oil prices are expected to remain volatile this week. The ongoing volatility in the dollar index, tensions in the Middle East, and the upcoming Fed monetary policy meetings will likely influence WTI's trading range, which could hover between $78.00 and $88.00 per barrel. The current support for crude oil stands at $80.10–79.20, with resistance observed at $81.70-82.40 in today’s trading session. In the Indian Rupee market, crude oil finds support at Rs6,695-6,620 and encounters resistance at Rs 6,865-6950," said Rahul Kalantri, VP Commodities, Mehta Equities Ltd.

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