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Fuel Prices Hold Steady as Global Oil Extends Losses
Petrol and diesel prices stayed the same in Indian cities on September 23.
The companies that sell the fuel checked prices at 6:00 AM but did not change them.
Petrol cost ₹102.12 per litre in New Delhi and ₹111.21 in Mumbai.
Bengaluru’s petrol price was ₹111.68 per litre.
Diesel cost ₹95.20 in New Delhi and ₹97.83 in Mumbai.
Meanwhile, oil prices around the world continued to fall.
This happened partly because Saudi Arabia may restart oil exports through a pipeline and because US-Iran talks lowered some worries about supply.
However, global oil prices are still more than 60% higher this year than previously reported.
State-run oil marketing companies left petrol and diesel prices unchanged after the 6:00 AM daily revision on September 23.
Petrol costs ₹102.12 per litre in New Delhi, ₹111.21 in Mumbai, and ₹111.68 in Bengaluru.
Diesel prices stand at ₹95.20 per litre in New Delhi, ₹97.83 in Mumbai, and ₹99.56 in Bengaluru.
Brent crude moved toward $98 a barrel, extending its decline for a sixth consecutive day and falling more than 9% during the slump.
Saudi Arabia plans to resume exports through its East-West pipeline, while easing US-Iran tensions also reduced geopolitical risk premiums.
- Who
- Indian consumers, state-run oil marketing companies, Saudi Arabia, and officials involved in US-Iran discussions.
- What
- Indian petrol and diesel prices remained unchanged while international crude prices extended their decline.
- Where
- Across Indian cities, including New Delhi, Mumbai, and Bengaluru; international oil markets were also affected.
- When
- September 23; the article also contains a city-rate heading dated September 22.
- Why
- Domestic rates were kept steady as global crude prices fell, with possible additional supply from Saudi Arabia and easing geopolitical concerns after US-Iran talks.
Key facts
- Revision time
- 6:00 AM daily revision
- New Delhi rates
- Petrol ₹102.12/litre; diesel ₹95.20/litre
- Mumbai rates
- Petrol ₹111.21/litre; diesel ₹97.83/litre
- Bengaluru rates
- Petrol ₹111.68/litre; diesel ₹99.56/litre
- Brent crude
- Near $98 a barrel; down for six consecutive days and more than 9% during the slump
- WTI crude
- November delivery fell below $90 a barrel
- Saudi pipeline
- The East-West pipeline has a stated capacity of 7 million barrels per day
- Annual oil movement
- Global oil prices remain more than 60% higher this year
Sources
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