Fuel Prices November 4: Check Petrol, Diesel & CNG Cost in Delhi, Mumbai, Bengaluru — Full List | Today’s news
Gasoline and diesel prices today, November 4: Fuel prices in major cities remained largely stable on Wednesday after the central government reduced the additional excise duty applicable on petrol exports. According to an announcement by the Ministry of Finance on October 31, a revised structure has come into effect, under which the export duty on petrol has been reduced to ₹0 per liter from ₹2.50 per liter.
While the export duty on petrol was abolished, the export duty on diesel was increased ₹8.50 per liter ₹11.50 per liter.
Differences in fuel prices in major cities and states are caused by several factors, including local taxes (value-added tax or VAT), transportation fees, and other local factors. Global oil prices fluctuated due to geopolitical tensions in the Middle East; despite this, domestic retail prices remained unchanged.
Oil swings after two-day decline
Oil prices fluctuated on Tuesday (local time) after a two-day slide, as traders weighed mixed signals about the trajectory of US-Iran peace talks. West Texas Intermediate (WTI) was trading near $97 a barrel after trading in a range around $5. Brent, on the other hand, closed below 104 USD.
Citing a diplomat, Bloomberg said both Iran and the United States were still reviewing new proposals from mediators to resolve their differences. In a post on X, Iran’s national security chief said Washington’s response was “not satisfactory” so far.
The latest diplomatic effort comes amid weeks of heightened tensions, with Tehran stepping up attacks on vessels passing through the Strait of Hormuz and US President Donald Trump warning of renewed strikes after the midterm elections. Earlier Monday, oil prices fell on signs of progress; however, choppy trading returned on Tuesday.
Brent, the global benchmark, has climbed over 70% this year as the nine-month conflict has disrupted flows from the Persian Gulf and upended energy markets. As a result, diesel and gasoline prices have also increased, including in the US, which may affect the outcome of the medium-term outlook.
