Petrol, diesel rates on September 7: Prices constant in Delhi, Mumbai, Kolkata, Chennai; some cities see minor revision

Petrol and diesel prices on September 7: Indian oil marketing companies have kept the petrol and diesel prices constant in New Delhi, Kolkata, Mumbai, and Chennai on Thursday, September 7. There were minor tweaks in Noida, Lucknow, Ghaziabad, Patna and others.

In Delhi, petrol price stands at Rs 96.72 per litre, while diesel is being sold at Rs 89.62 per litre. In Mumbai, petrol is being sold for Rs 106.31 per litre, while diesel is available for Rs 94.27 per litre.

In Kolkata, the cost of petrol is Rs 106.03 per litre inclusive of taxes, diesel is available for Rs 92.76 per litre with taxes. In Chennai, petrol is available at Rs 102.63 per liter, while diesel can be obtained at Rs 94.24 per liter.

In Noida, petrol is available for Rs 96.79 and diesel can be bought for Rs 89.96 per litre. In Ghaziabad, the price of diesel has become Rs 96.58 per litre and diesel has become Rs 89.75 per litre. In Lucknow, petrol has become Rs 96.57 and diesel Rs 89.76 per litre.

In Patna, petrol can be bought for Rs 107.24 and diesel for Rs 94.04 per litre. Petrol in Bhopal is available for Rs 108.65 and diesel for Rs 93.90 per litre. Petrol has become Rs 84.10 and diesel Rs 79.74 per litre in Port Blair.

Bengaluru

Petrol: Rs 101.94

Diesel: Rs 87.89

Chandigarh

Petrol: Rs 98.65

Diesel: Rs 88.95

Chennai

Petrol: Rs 102.86

Diesel: Rs 94.46

Gurugram

Petrol: Rs 96.66

Diesel: Rs 89.54

Kolkata

Petrol: Rs 106.03

Diesel: Rs 92.76

Lucknow

Petrol: Rs 96.57

Diesel: Rs 89.76

Mumbai

Petrol: Rs 106.31

Diesel: Rs 94.27

New Delhi

Petrol: Rs 96.72

Diesel: Rs 89.62

Noida (Gautam Buddha Nagar)

Petrol: Rs 96.79

Diesel: Rs 89.96

Ghaziabad

Petrol: Rs 96.58

Diesel: Rs 89.75

Public sector Oil Marketing Companies (OMCs) including Bharat Petroleum Corporation Ltd (BPCL), Indian Oil Corporation Ltd (IOCL) and Hindustan Petroleum Corporation Ltd (HPCL) revise their petrol price and diesel price daily in line with international benchmark prices and forex rates.

Global crude oil

Crude oil prices remained steady on Wednesday after touching a 10-month high of $90 per barrel in the international market as Saudi Arabia and Russia extended their voluntary production cut and export.

On Wednesday, Brent crude price was trading at $89.86 a barrel at (7 PM IST) while West Texas Intermediate futures were trading at $89.86 per barrel. On Tuesday, Brent crude closed at $90.04 per barrel for the first time since November 2022 and West Texas Intermediate futures settled at $86.69 per barrel.

Shares of state-owned oil marketing companies in India have declined since the start of August, with Hindustan Petroleum, Bharat Petroleum and Indian Oil declining 10 per cent, 6 per cent and 3 per cent respectively, even as international crude prices are on the rise, and their discount with Russian crude is narrowing.

Government-owned oil marketing firms are struggling with a tough Q2 of FY24 as Brent crude prices have risen while retail fuel prices have been stable. This is likely to affect their profits due to shrinking gross marketing margins, with a notable 45 percent drop in petrol margins in Q2.

The last country-wide revision was done on May 21, 2022, when Finance Minister Nirmala Sitharaman slashed excise duty on petrol by Rs 8 per litre and Rs 6 per litre on diesel.

During the Monsoon session of parliament, oil minister Hardeep Singh Puri said that the Indian government has flagged concerns over volatility in the global oil prices to major oil producers and organisations. India, which is the world's third-biggest oil importer and consumer, ships in over 80 per cent of its oil needs from overseas.

"Government has been taking up the issue, bilaterally, with crude oil producing countries, with OPEC and with heads of other international fora to convey India's serious concerns over crude oil price volatility," Puri said in a written reply submitted to parliament.