Fuel Prices Today, November 8: Check Petrol, Diesel Cost in Delhi, Bengaluru, Mumbai, Chennai — Full List | Today’s news
Fuel prices today, November 8: Petrol and diesel prices remained almost unchanged in most major cities including New Delhi, Bengaluru, Chennai and Mumbai on Sunday (November 8). However, minor fluctuations were observed in some other cities like Gurugram.
Fuel prices have remained mostly stable in the last two months, with only minor fluctuations. The finance ministry last month announced the revised tariff structure, which came into effect on October 31. Under the revised structure, the export duty on petrol has been reduced to zero from ₹2.50 per liter. However, the diesel tax was increased from ₹8.50 per liter ₹11.50 per liter.
While tensions in the Middle East sent global oil prices tumbling, Indian fuel retailers kept domestic petrol and diesel rates largely unchanged. This protected consumers from the impact of international price movements and offered some relief in a period of geopolitical turmoil and uncertainty.
Fuel prices generally vary across cities and states due to factors such as transportation charges, local taxes, including value added tax (VAT), and other regional factors.
October fuel demand in India rises to highest level since March
India’s oil consumption rose around 10% to 20.49 million tonnes in October compared to 18.71 million tonnes in September, the highest level since March this year. Citing data from the petroleum ministry’s Petroleum Planning and Analysis Cell (PPAC), Reuters reported that consumption in October was 2.7% higher than the same month last year.
Diesel consumption rose 19% in October compared to September, with a 12% year-on-year increase. Gasoline sales were also up 3.5% over the same period last year.
Meanwhile, consumption of liquefied petroleum gas (LPG) in October fell marginally by around 1% to 2.52 million metric tonnes compared to September. It also decreased by approximately 12.3% from the previous year.
Oil prices jumped on Friday on renewed fears of a US attack on Iran
Oil prices rose slightly on Friday (local time) on fears of a 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 strikes to weaken the Islamic Republic.
Brent crude futures for January delivery settled at $98.32 a barrel, up 3 cents, or 0.03%. Meanwhile, U.S. West Texas Intermediate (WTI) crude futures settled at $90.83 a barrel, up 31 cents, or 0.34%.
However, both benchmarks remained on track for significant weekly losses. Brent crude was poised to post a nearly 17% drop for the week. 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 crude was also headed for a weekly decline of around 13%.
