Petrol, Diesel Prices On 7 November: Check How Much Fuel Costs In Delhi, Mumbai, Bengaluru, Kolkata - Full List

(MENAFN- Live Mint) Petrol and diesel prices today, November 7: Petrol and diesel prices remained unchanged in most cities on Saturday after the Centre reduced the additional excise duty on petrol exports. The Finance Ministry recently notified a revised duty structure that took effect on October 31. Under the new structure, the export duty on petrol was reduced from ₹2.50 per litre to zero.

While the export duty on petrol was scrapped, the levy on diesel was increased from ₹8.50 per litre to ₹11.50 per litre.

Fuel prices vary across major cities and states largely due to factors such as local taxes, including Value Added Tax (VAT), freight charges and other local considerations. Although geopolitical tensions in the Middle East have led to fluctuations in global oil prices, domestic retail fuel rates have largely remained unchanged, offering some relief to consumers.

Also Read | Petrol-diesel prices today, Nov 6: Check fuel cost in Delhi, Mumbai, Bengaluru Check the latest petrol and diesel prices in your city on November 7:

*Source: Goodreturns

India's October fuel demand hits highest level since March

According to a Reuters report, India's oil consumption rose by around 10% in October to 20.49 million metric tonnes from 18.71 million tonnes in September, marking its highest level since March 2026. Data from the Petroleum Planning and Analysis Cell (PPAC) of the Oil Ministry showed that consumption was also 2.7% higher than in October last year.

Diesel consumption increased by 19% in October compared with the previous month and was up 12% year-on-year. Gasoline sales rose 3.5% from the corresponding month last year.

Liquefied petroleum gas (LPG ) consumption, meanwhile, declined by nearly 1% in October to 2.52 million metric tonnes compared with September. It was also down around 12.3% from a year earlier.

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Overall, fuel consumption increased by 6.4% from September.

Mangalore Refinery and Petrochemicals Ltd (MRPL) is increasing its crude oil purchases on a delivered basis to reduce its exposure to shipping risks arising from the Iran war and lower freight costs, its head of finance said on Wednesday.

Crude prices edge higher on fears of renewed US attacks on Iran

Oil prices posted modest gains late Friday amid renewed concerns over a possible escalation of US military action against Iran. US President Donald Trump said he would soon decide whether to pursue a peace agreement with Tehran or launch further attacks to destroy what remains of the country.

Brent crude futures for January delivery settled at $98.32 per barrel, up 3 cents, or 0.03%. US West Texas Intermediate (WTI) crude futures ended at $90.83 a barrel, gaining 31 cents, or 0.34%.

Despite Friday's marginal gains, Brent is on course for a weekly decline of around 17%. If sustained, this would mark its steepest weekly percentage fall since the onset of the COVID-19 pandemic and its biggest decline in absolute terms, according to LSEG data dating back to 1988.

WTI is also heading for a weekly decline of around 13%.

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