The retail fuel rates remain unchanged across major urban centres on Saturday, September 12. In Mumbai, petrol holds steady at ₹111.21 per litre, unchanged from yesterday’s rate.
While today’s pricing offers a momentary breather at the pump, fuel costs have seen minor fluctuations over the past ten days, with pan-India rates oscillating within a tight band between ₹111.18 and ₹111.31.
Because fuel prices factor in varying state and local taxes and levies, costs differ significantly across regions.
Oil prices had jumped to their highest levels since May due to the ongoing conflict in Iran. The international benchmark, Brent crude, fell 2.8% to settle at $104.61 per barrel after surging toward $110 overnight, according to a Bloomberg report.
Disruptions to global oil supplies are forcing lower consumption, the International Energy Agency () warned, noting that the year will see the largest contraction in global oil demand since the Covid-19 pandemic due to higher fuel costs and tighter supply.
Iran and the US are settling in for a prolonged conflict, with little sign of a near-term truce or normalised Middle East energy flows.
Houthi rebels have also opened a new front, threatening vessels calling at Saudi Red Sea ports that had become a vital alternative following Hormuz disruptions. Saudi Arabia said its oil output fell again last month, reaching the lowest level since 1990.
Adding to the supply crunch, shut down its crucial East-West pipeline after the vital oil conduit came under aerial attack amid the widening regional war.
The world’s largest crude oil exporter temporarily closed the 1,200-kilometre (745-mile) pipeline as a “precautionary measure” following drone attacks that both Baghdad and Riyadh indicated had originated in Iraq, where Iranian-backed militias operate.
The pipeline—which has been moving 4 million to 5 million barrels per day—had helped Saudi Arabia bypass shipping logjams in the Strait of Hormuz.
While Brent is up more than 70% this year, it remains below its wartime peak of just above $126 reached in April. European natural gas prices and global tanker freight rates have also rallied, while refined products like diesel have posted even steeper gains, compounded by simultaneous pressures from the .
