Fuel Prices on November 18: Petrol, Diesel Rates Unchanged For 2 Weeks

On Thursday, fuel prices remained steady for the 14th day in a row. On November 4, the government lowered excise duty on petrol and diesel, bringing rates back down from record-high levels.

In Delhi, a litre of petrol costs 103.97 rupees and a litre of diesel costs 86.67 rupees at the moment. Petrol and diesel prices in the country's financial capital have stayed unchanged at 109.98/litre and 94.14/litre, respectively.

In Kolkata and Chennai, petrol and diesel cost 104.67 and 89.79 rupees and 101.40 and 91.43 rupees, respectively.

In Bengaluru, a litre of petrol costs 100.58 rupees, while a litre of diesel costs 85.01 rupees. In Hyderabad, a litre of petrol costs 108.20 rupees, while a litre of diesel costs 94.62 rupees.

Prices vary by state, based on the prevalence of local taxes and transit costs.

State-run oil refineries such as Indian Oil, Bharat Petroleum, and Hindustan Petroleum update gasoline rates on a daily basis, taking into account international crude oil prices and rupee-dollar exchange rates. Every day at 6 a.m., any adjustments in gasoline and diesel prices take effect.

After OPEC and the International Energy Agency warned of oncoming oversupply, oil prices fell globally on Wednesday, bringing major benchmarks to their lowest settlement levels since early October, while rising Covid-19 cases in Europe posed downside risks to demand recovery.

Brent crude futures dropped $1.36, or 1.7%, to $81.05 a barrel. West Texas Intermediate (WTI) oil futures in the United States finished at $78.36, down $2.40, or 3%. Brent crude fell to its lowest level since October 1, while U.S. crude fell to its lowest close since October 7.