Petrol, Diesel Prices on November 7: Check Fuel Cost in Delhi, Mumbai, Bengaluru, Kolkata — Full List | Today’s news
Gasoline and diesel prices today, November 7: Petrol and diesel prices remained unchanged in most cities on Saturday after the Center reduced additional excise duty on petrol exports. The Ministry of Finance recently announced a revised tariff structure that came into effect on October 31. Under the new structure, the export duty on petrol has been reduced from ₹2.50 per liter to zero.
While the export duty on petrol has been abolished, the tax on diesel has been increased from ₹8.50 per liter ₹11.50 per liter.
Fuel prices vary by major city and state primarily due to factors such as local taxes, including value added tax (VAT), transportation charges and other local factors. Although geopolitical tensions in the Middle East have led to fluctuations in global oil prices, domestic retail fuel rates have remained largely unchanged, offering some relief to consumers.
October fuel demand in India hit the highest level since March
According to a Reuters report, India’s oil consumption rose about 10% in October to 20.49 million metric tons from 18.71 million metric tons in September, the highest level since March 2026. Data from the Petroleum Planning and Analysis Cell (PPAC) of the petroleum ministry showed that consumption was also 2.7% higher than in October last year.
Diesel consumption increased by 19% in October compared to the previous month and increased by 12% year-on-year. Gasoline sales increased by 3.5% compared to the same month last year.
Liquefied petroleum gas (LPG) consumption, meanwhile, fell nearly 1% to 2.52 million metric tons in October compared to September. It also decreased by 12.3% compared to the previous year.
Overall, fuel consumption has increased by 6.4% since September.
Mangalore Refinery and Petrochemicals Ltd (MRPL) is increasing its crude purchases on a delivery basis to reduce its exposure to shipping risk arising from the Iran war and cut shipping costs, its chief financial officer said on Wednesday.
Oil prices surged on fears of renewed US attacks on Iran
Oil prices posted modest gains late on Friday, amid renewed concerns about possible escalation of US military action against Iran. US President Donald Trump has said he will soon decide whether to pursue a peace deal with Tehran or launch more attacks to destroy what is left of the country.
Brent crude futures for January delivery settled at $98.32 a barrel, up 3 cents, or 0.03%. U.S. West Texas Intermediate (WTI) crude futures settled at $90.83 a barrel, up 31 cents, or 0.34%.
Despite Friday’s marginal gains, Brent is on track for a weekly decline of around 17%. If sustained, it would mark its steepest weekly percentage decline since the outbreak of the COVID-19 pandemic and its largest absolute decline, according to LSEG data dating back to 1988.
WTI is also headed for a weekly decline of around 13%.
