Petrol and diesel prices today, Sept 16: How much does fuel cost in Delhi, Mumbai, Bengaluru? Check here

On September 16, fuel prices across major Indian cities remained unchanged from the previous day, with petrol and diesel prices holding steady. In Mumbai, petrol is priced at ₹111.21 per litre, with no variation from the prior day. The petrol price has shown minor fluctuations in recent days, ranging between ₹111.18 and ₹111.21.

State-run Oil Marketing Companies (OMCs) are responsible for adjusting fuel prices daily at 6:00 AM, using a dynamic pricing method to shield domestic customers from international energy price volatility. Despite daily revisions, fuel rates in India have remained consistent over the past three months, mirroring the last significant price hike when petrol and diesel saw an increase of ₹2.7 and ₹2.8 per litre, respectively.

Global oil prices experienced a decline on September 16 due to an unexpected surge in US crude inventories. Brent crude futures dropped by 93 cents, or 0.86%, to $107.82 a barrel, while US West Texas Intermediate (WTI) futures decreased by 97 cents, or 0.92%, to $104.86 a barrel. However, these declines were short-lived as both benchmarks regained value by 0028 GMT.

The drop in global oil prices was attributed to the unexpected increase in US crude inventories and ongoing supply risks following Saudi Arabia's suspension of oil loadings at its Yanbu port due to an attack on the East-West pipeline by Yemen’s Houthi movement. Saudi Arabia relies on this pipeline to transport approximately 4 million barrels per day, accounting for about 4% of global oil supply, from the Red Sea port.

Although US Energy Secretary expressed optimism about potential restoration of oil flows within days, projections for the repair timeline ranged from a quick partial resumption to up to six weeks for complete repairs.