Petrol, Diesel Prices Today, October 8: Check Rates In Delhi, Mumbai, Bengaluru, Chennai And More

(MENAFN- Live Mint) Petrol, diesel prices today, October 8: Petrol and diesel prices remained unchanged across major Indian cities on Thursday, October 8, after state-run oil marketing companies (OMCs ) carried out their daily price revision at 6 am. The price freeze comes even as global crude oil and fuel costs have risen amid supply concerns linked to the US-Iran war.

Indian refiners are facing the impact of disruptions to global oil supplies. However, state-run OMC retailers have so far maintained a freeze on petrol and diesel prices.

India's largest private fuel retailer, meanwhile, increased petrol prices by ₹5 per litre and diesel prices by ₹3 per litre on Saturday.

Nayara Energy was also the first fuel retailer in India to pass on the impact of rising international oil prices to consumers after energy supplies were disrupted following the outbreak of the US-Iran war in late February.

State-run OMCs delayed passing on the higher costs until May. Retail petrol and diesel prices were subsequently raised through a series of staggered revisions, resulting in a cumulative increase of around ₹7.50 per litre for both fuels by the end of May.

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Fuel prices remain steady across major cities

Petrol and diesel rates across major metros have remained largely unchanged since June.

In Mumbai, petrol was priced at ₹111.21 per litre on October 8, unchanged from the previous day. The petrol rate in the financial capital has seen only marginal movement in recent days, fluctuating between ₹111.18 and ₹111.21 per litre.

Crude oil prices rise amid supply concerns

Global oil prices rose on Thursday as concerns over supplies from the key Middle East-producing region intensified amid an increase in attacks on shipping in the Gulf and the Strait of Hormuz.

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Brent crude futures rose $1.33, or 1.33%, to $101.53 a barrel by 0116 GMT. US West Texas Intermediate (WTI) crude futures gained $1.11, or 1.26%, to $89.39.

Oil prices had settled lower on Wednesday after the International Energy Agency agreed to accelerate the release of oil stocks and prioritise diesel supplies under a plan launched in March. Governments are seeking to address record fuel prices and supply disruptions linked to the Iran war.

However, risks to oil shipments through the Gulf and the Strait of Hormuz have increased in October as the US-Israeli conflict with Iran enters its eighth month. Before the war, the Strait of Hormuz carried shipments equivalent to about 20% of global oil and fuel supplies.

In the latest incident, a tanker north of Qatar was hit by multiple projectiles, resulting in casualties, the United Kingdom Maritime Trade Operations agency said on Wednesday.

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"In the past, such attacks have resulted in a reduction in shipments from the Persian Gulf. This time around, producers appear to be willing to take the risk of their vessels being damaged, as there is no alternative way to get their oil to international markets," Daniel Hynes, senior commodity strategist at bank ANZ, said in a note on Thursday.

Hynes said the IEA's oil release would likely comprise barrels that were already part of the group's original 400-million-barrel release plan announced at the start of the Middle East conflict. This means it does not appear to represent an additional draw on strategic inventories.

"Ultimately, strategic stock releases can augment supply flows temporarily but do not create new production capacity," he said.

US crude inventories fall more than expected

US inventory data also supported oil prices. Crude stockpiles in the world's largest oil consumer and producer fell by more than expected, while diesel inventories declined marginally.

Crude inventories dropped by 3.2 million barrels to 424.1 million barrels in the week ended October 2, the Energy Information Administration said on Wednesday. Analysts polled by Reuters had expected a decline of 1.7 million barrels.

Distillate fuel inventories, which include diesel and jet fuel, fell by 42,000 barrels to 105.14 million barrels. The inventory level remains well below levels typically recorded at this time of the year over the past five years.

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