Petrol And Diesel Prices Today, October 18: How Much Does Fuel Cost In Delhi, Mumbai, Bengaluru

(MENAFN- Live Mint) Petrol and diesel prices today, October 18: Petrol and diesel prices remained steady across major cities today, with no revisions announced by oil marketing companies.

The cost of fuel varies across states and cities due to local taxes (Value Added Tax or VAT), freight charges, and other localised factors.

While global crude oil prices have fluctuated amid escalating geopolitical tensions in the Middle East, domestic retail prices have remained unchanged.

Also Read | India may hike fuel prices in November: Oxford Economist

Here is a look at the petrol and diesel prices in major metropolitan cities as of October 18:

New Delhi: Petrol is retailing at ₹102.12 per litre, while diesel is priced at ₹95.20 per litre. The national capital continues to have relatively lower fuel prices compared to other metros.

Mumbai: In the financial capital, petrol is priced at ₹111.21 per litre, and diesel costs ₹97.83 per litre.

Chennai: Residents in Chennai are paying ₹107.76 per litre for petrol and ₹99.55 per litre for diesel.

Kolkata: Petrol costs ₹113.51 per litre, while diesel costs ₹99.82 per litre.

Bengaluru: Petrol is priced at ₹111.68 per litre, and diesel at ₹99.56 per litre.

Hyderabad: Petrol costs ₹116.15 per litre, while diesel costs ₹104.23 per litre.

Also Read | Centre cuts windfall tax on diesel exports, raises levy on petrol Petrol and diesel prices in other metro cities today

Source: GoodReturns

How are fuel prices determined?

In India, public-sector Oil Marketing Companies (OMCs) such as Indian Oil Corporation (IOCL), Bharat Petroleum Corporation Ltd (BPCL), and Hindustan Petroleum Corporation Ltd (HPCL) revise fuel prices daily at 6:00 AM.

The pricing is based on a 15-day rolling average of international benchmark petrol and diesel prices, as well as the foreign exchange rate (rupee-dollar fluctuations).

Global headlines

Also Read | Trump waives some Russia oil sanctions, easing pressure on India Trump wants 60 days to analyse impact of Russia sanctions law, says Rubio

US President Donald Trump wants to take a 60-day period to analyse what imposing sanctions on Russia and tariffs on other countries would mean for the global economy, said Secretary of State Marco Rubio.

"I think the president wants to take the 60-day period of time to sort of analyse what imposing both sanctions and tariffs will mean to the global economy, and even to the US economy," Rubio said in response to a question on the waivers granted by Trump under the Sanctioning Russia and Iran Act or the Graham Act.

Strait of Hormuz remains open, claims US military

The US military has claimed that 97 per cent of vessels seeking to transit the Strait of Hormuz have passed through safely without being hit by Iranian projectiles, asserting that the strategic shipping route remains open despite attacks on commercial vessels.

US Central Command (CENTCOM) Spokesperson Navy Captain Tim Hawkins told Fox News Digital that coordinated naval protection efforts had helped thousands of commercial ships safely navigate the vital maritime corridor, even following the recent loss of a container ship in the regional waterway.

(With agency inputs)

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