Petrol And Diesel Prices Today, Sept 16: How Much Does Fuel Cost In Delhi, Mumbai, Bengaluru? Check Here

(MENAFN- Live Mint) Fuel prices across India's major metropolitan cities remained steady on Wednesday, September 16, holding the line following regular periodic revisions by state-run oil marketing companies.

Daily retail rates for petrol and diesel continue to vary across states due to local value-added tax (VAT), freight charges, and municipal levies.

In Mumbai, petrol price stands at ₹111.21 per litre today. No change has been recorded in petrol prices compared to yesterday. Over recent days, the petrol price has fluctuated within a narrow range between ₹111.18 and ₹111.21.

Also Read | Nifty faces risk of retesting June lows on rising US yields and crude oil price

Below is the breakdown of retail fuel prices across key Indian cities:

State-run Oil Marketing Companies (OMCs) that follow the dynamic fuel price method continue to insulate domestic customers from volatility in international energy prices.

Even though fuel rates in India are revised daily at 6:00 AM, they have been steady over three months and mirror the last major price adjustment when petrol and diesel were increased by ₹2.7 to ₹2.8 per litre, respectively.

Also Read | Brent crude tops $109 as latest attacks threaten key oil shipping routes Global oil prices fall

Global oil prices dropped on Wednesday amid an unexpected rise in US crude inventories, even as investors assessed ongoing supply risks after Saudi Arabia suspended oil loadings at its Yanbu port following an attack on the East-West pipeline.

Brent crude futures declined 93 cents, or 0.86%, to $107.82 a barrel by 0028 GMT, while US West Texas Intermediate (WTI) futures dropped 97 cents, or 0.92%, to $104.86 a barrel.

Both benchmarks surged above $3 on Tuesday, hitting their highest levels since May 19, fueled by the Yanbu closure and reduced Saudi shipments to Europe.

Data from the American Petroleum Institute (API) cited by Reuters market sources on Tuesday showed US crude inventories grew by 7.1 million barrels for the week ended September 11, defying analysts' expectations in a Reuters poll for a 1.6-million-barrel draw. Gasoline and distillate stocks also registered unexpected increases.

Haitong Futures noted in a report that while these domestic stock builds pressured prices, regional increases do not negate the underlying tightness of the global crude market.

Also Read | The Saudi Arabia pipeline attacks just redefined Middle East oil risk

Saudi Arabia halted oil loadings at the Yanbu port after shutting down its critical East-West pipeline following a Friday attack by Yemen's Iran-aligned Houthi movement, Reuters sources reported Tuesday. The kingdom uses the pipeline to reroute roughly 4 million barrels per day-about 4% of global supply-to the Red Sea port.

While the US energy secretary expressed optimism that flows would resume within days, Reuters sources offered mixed projections for the repair timeline, ranging from a quick partial resumption to five or six weeks for complete repairs.

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