There is a quiet relief at the petrol pump this Saturday morning. Despite global crude oil prices climbing past the $104 mark, petrol and diesel rates across India remain unchanged on October 10, giving commuters a small breather in an otherwise expensive fuel year.
State-run oil marketing companies kept retail fuel prices steady in all major metros, even as Brent crude futures rose 0.44 per cent to $104.72 a barrel and US WTI crude traded up 0.36 per cent at $91.85 a barrel. The Indian Crude Oil Basket, the benchmark that actually decides what India pays for its imports, is sitting at $120.34 per barrel, a level that is already making energy analysts nervous.
So why is the pump price not moving? The short answer is that oil companies are absorbing the shock, at least for now.
What fuel costs today in your city
Here are the retail rates for October 10 in the major metros, all unchanged from yesterday:
- Mumbai: Petrol ₹111.21 per litre, diesel ₹97.83 per litre
- Delhi: Petrol ₹102.12 per litre, diesel ₹95.20 per litre
- Kolkata: Petrol ₹113.51 per litre, diesel ₹99.82 per litre
- Chennai: Petrol ₹107.76 per litre, diesel ₹99.55 per litre
- Bengaluru: Petrol ₹111.68 per litre, diesel ₹99.56 per litre
- Hyderabad: Petrol ₹115.69 per litre, diesel ₹103.82 per litre
Delhi continues to have the cheapest fuel among the metros thanks to lower local taxes, while Hyderabad remains the costliest. These city-wise differences come from state taxes and levies, which is why crossing a state border can change what you pay by a few rupees.
Why crude is climbing again
Global oil markets are jittery this week. Escalating tensions in the Middle East have traders worried about supply disruptions, with reports that the US is considering large-scale military operations in Iran in the coming weeks. Earlier this week, attacks in Saudi Arabia and a storm threatening production in the US Gulf of Mexico pushed Brent back above $100 a barrel.
For India, which imports roughly 85 per cent of its crude oil, these swings matter more than for most economies. A sustained rise in crude prices directly inflates the country’s oil import bill, widens the trade deficit, and puts pressure on the rupee. When the rupee weakens against the dollar, crude becomes even more expensive to buy, and that cost eventually filters into the economy.
Pressure is building on oil companies
Rating agency ICRA has already flagged negative petrol and diesel marketing margins for India’s oil marketing companies. In plain terms, the companies are losing money on every litre they sell at current retail prices because the crude they refine costs more than what they recover at the pump.
For now, they are holding the line. But if Brent stays above $104 for weeks rather than days, the maths becomes harder to ignore. Prolonged high crude prices historically lead to one of two outcomes: a hike in retail prices, or a hit to the profitability of refiners like Indian Oil, Bharat Petroleum and Hindustan Petroleum.
What happens next will depend on how the geopolitical situation plays out. If tensions ease, crude could slip back and today’s steady prices will have been the right call. If they escalate, the next fuel price review may bring unwelcome news for vehicle owners.
What this means for you
For daily commuters and transporters, the message is simple: no major shock at the pump this weekend, but keep an eye on the news. Prices are stable for now, not frozen forever. It is also worth checking local rates if you travel between states, since city-specific taxes keep retail prices uneven even within the same country.
Meanwhile, the silver lining is that the unchanged rates, combined with a quiet Sensex, give household budgets one less thing to worry about in the run-up to the festive season.
Frequently asked questions
Did petrol and diesel prices change today, October 10?
No. Retail fuel prices remained unchanged across all major Indian cities on October 10, according to state-run oil marketing companies.
What is the price of petrol in Delhi and Mumbai today?
In Delhi, petrol costs ₹102.12 per litre. In Mumbai, it is ₹111.21 per litre.
Why are fuel prices not rising even though crude is expensive?
Oil marketing companies are absorbing the higher crude costs for now, which is why pump prices have stayed steady. However, ICRA has warned that marketing margins have turned negative.
Will petrol prices rise soon?
That depends on global crude. If Brent stays above $104 per barrel for an extended period, pressure for a retail price revision will build up.
Which city has the highest fuel price in India?
Among the metros, Hyderabad tops the list today with petrol at ₹115.69 per litre, mainly because of higher state taxes.
That’s the fuel picture for October 10. For most drivers, it is a calm weekend at the pump, but the crude oil market is watching the Middle East closely, and so should you.
