Crude oil prices remained above the $100-a-barrel mark on Sept. 10, with Brent at $101.34 a barrel and West Texas Intermediate at $96.55, as the latest escalation in the US-Iran conflict raised fresh concerns over global oil supplies. The previous day, Brent crossed $100 for the first time since July after Iran said it attacked 10 ships near the Strait of Hormuz following the US' sinking of five Iranian oil tankers.
The supply concerns deepened after a tanker carrying around 2 million barrels of Iraqi fuel oil was hit by a drone in Iraqi waters on Sept. 9, while several other commercial vessels were reported hit across the Gulf and Gulf of Oman. At the same time, Houthi attacks on Saudi Arabia's energy infrastructure added another layer of risk to Gulf oil flows.
However, fuel prices remained unchanged across Indian cities on Thursday, Sept. 10.
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Here are the petrol and diesel prices across major Indian cities:
Petrol prices on September 10
- Petrol price in Delhi: Rs 102.12/litre
- Petrol price in Kolkata: Rs 113.51/litre
- Petrol price in Mumbai: Rs 111.21/litre
- Petrol price in Chennai: Rs 107.77/litre
- Petrol price in Hyderabad: Rs 115.69/litre
- Petrol price in Bengaluru: Rs 110.89/litre
Diesel prices on September 10
- Diesel price in Delhi: Rs 95.20/litre
- Diesel price in Kolkata: Rs 99.82/litre
- Diesel price in Mumbai: Rs 97.83litre
- Diesel price in Chennai: Rs 99.55/litre
- Diesel price in Hyderabad: 103.82/litre
- Diesel price in Bengaluru: 98.80/litre
Domestic Fuel Demand Declines
India's fuel consumption fell 6.3% month-on-month to 18.61 million metric tons in August, marking the lowest level in nearly two years, according to data from the Petroleum Planning and Analysis Cell cited by Reuters. The decline comes at a time when crude prices are rising sharply, with Brent moving above $100 a barrel amid renewed Middle East supply concerns.
What Drives Petrol and Diesel Prices?
State-run oil marketing companies consider factors such as the rupee-dollar exchange rate, refining costs, taxes and dealer margins, along with international crude prices, when setting fuel prices. As a result, movements in global crude prices do not necessarily translate into immediate changes in petrol and diesel prices across India.
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