Petrol, diesel rates on October 12: Prices constant in Delhi, Mumbai, Kolkata, Chennai; some cities see minor revision

Petrol and diesel prices on October 12: Indian oil marketing companies have kept the petrol and diesel prices unchanged in New Delhi, Kolkata, Mumbai, and Chennai on Thursday, October 12. There were minor tweaks in West Bengal, Uttar Pradesh, Maharashtra, Punjab, Rajasthan and Telangana.  

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.

Price revision

There was a price revision in states, such as Maharashtra, West Bengal, Rajasthan, Chhattisgarh, Telangana, Uttar Pradesh, Jharkhand, Himachal Pradesh and Madhya Pradesh. The petrol and diesel prices were increased by 40 paise and 39 paise, respectively, in Maharashtra. In West Bengal, the price of petrol was increased by 44 paise and diesel was hiked by 41 paise.

The fuel prices were also hiked in Rajasthan, Chhattisgarh, Telangana and Uttar Pradesh. The fuel prices saw a drop in Jharkhand, Himachal Pradesh and Madhya Pradesh.

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 96.66     

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

The fuel prices are calculated after adding on a number of levies and therefore, they differ from state to state. These levies are Value Added Tax (VAT), freight charges, local taxes, etc.

State-owned fuel retailers — 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. The prices were last revised on May 21, 2022, when Finance Minister Nirmala Sitharaman slashed the excise duty on petrol by Rs 8 per litre and Rs 6 per litre on diesel.  

Crude oil prices

Crude oil futures traded lower on Thursday morning as an industry report indicated an increase in the crude oil inventories in the US. On Thursday morning, December Brent oil futures were at $85.53, down by 0.34 per cent; and November crude oil futures on WTI (West Texas Intermediate) were at $83.10, down by 0.47 per cent.

According to the US API report, crude oil stockpiles in the U.S. increased by approximately 13 million barrels last week. Nevertheless, the dollar index's moderation provided some support to crude oil prices at lower levels.

October crude oil futures were trading at Rs 6,924 on Multi Commodity Exchange (MCX) in the initial trading hour of Thursday morning. It closed at Rs 7017 on Wednesday.

On Wednesday, oil prices dropped by more than 2 per cent as concerns about supply disruptions in the Middle East diminished. This came a day after Saudi Arabia, the leading OPEC producer, pledged to assist in stabilising the market.

"We anticipate that crude oil prices will exhibit volatility in today's trading session. Crude oil finds support in the range of $80.60 to $79.80, with resistance at $82.20 to $83.10 for today's session. In terms of the Indian Rupee (INR), crude oil has support at Rs 6,920 to Rs 6,840, while resistance is at Rs 7,080 to Rs 7,150," said Rahul Kalantri, VP Commodities, Mehta Equities Ltd.