Petrol and diesel prices today, October 7: How much does fuel cost in Delhi, Mumbai, Bengaluru
Iran has increased the pace of attacks on tankers in the Strait of Hormuz in recent days, just as oil shipments through the world’s most important energy chokepoint approach prewar levels.
Petrol and diesel prices in major Indian cities remained steady as of October 7, 2021, despite global oil price fluctuations caused by the US-Iran conflict. State-run oil companies in India, which manage petrol and diesel prices, did not adjust the rates due to a daily revision on Wednesday. This decision came despite surging international oil prices due to supply constraints resulting from a storm threatening US oil-producing regions and attacks by Iran-backed Houthis on Saudi Arabia.
Nayara Energy, a private fuel retailer in India, was the first to pass on the increased costs to consumers. They raised petrol prices by ₹5 per litre and diesel by ₹3 per litre on Saturday. This move marked a significant change as OMCs had initially delayed passing on these costs until May. By the end of May, the cumulative hike in retail prices for petrol and diesel was approximately ₹7.50 per litre.
In major cities like Mumbai, Delhi, and Bengaluru, fuel rates have remained largely unchanged since June. In Mumbai, the retail price of petrol stood at ₹111.21 per litre, with minimal fluctuations observed over the past few days, ranging between ₹111.18 and ₹111.21. The oil price hike on Wednesday was exacerbated by increased tanker attacks by Iran in the Strait of Hormuz and US West Texas Intermediate (WTI) crude oil rising by 82 cents to $90.25 per barrel.
These developments highlight the ongoing geopolitical tensions and their impact on global oil markets.
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