Petrol and diesel prices today, September 23: Consumers saw no change in retail fuel prices on Wednesday, September 23, as state-run oil marketing companies (OMCs) kept rates steady following their 6:00 AM daily revision.
The domestic pause offers a brief respite at the pumps and coincides with a major slump in international crude markets, where oil is currently heading for its longest losing streak in a year.
Across major metros, fuel rates held their ground. In Mumbai, the retail price of petrol stood at ₹111.21 per litre, remaining unchanged from the previous day. Over the past few days, the fuel rate in the financial capital has seen minimal movement, fluctuating marginally between ₹111.18 and ₹111.21.
The stability at domestic fuel pumps comes against the backdrop of a sharp correction in international crude prices.
According to a Bloomberg report, Brent crude dipped toward the $98-a-barrel mark, extending its decline for a sixth consecutive day and shedding over 9% during the slump.
If the trend holds, this would mark the longest losing run for the global benchmark since August 2025. Meanwhile, West Texas Intermediate (WTI) for November delivery also slipped below $90 a barrel.
In a major step toward global supply relief, Saudi Arabia is aiming to restore oil exports via its critical East-West pipeline in the coming days, Bloomberg reported.
The crucial link, which boasts a capacity of 7 million barrels per day, was damaged in attacks earlier this month. Its resumption will enable Riyadh to safely bypass the heavily monitored .
Geopolitical risk premiums also eased after US President announced that officials held a “very productive” meeting with Iranian envoys. The diplomatic progress comes even after Trump threatened to annihilate the Islamic Republic during a recent United Nations speech.
Trump confirmed that special envoys Steve Witkoff and Jared Kushner participated in the discussions and noted that more meetings are planned. Additionally, the US leader is scheduled to hold talks with officials from the six-nation Gulf Cooperation Council (GCC), as well as representatives from Syria, Iraq, Jordan, and Turkey.
Despite the recent six-day cooling period, global oil prices remain up by more than 60% this year following severe supply disruptions through the Strait of Hormuz, the world’s most critical energy chokepoint. This sustained surge has driven up , with refined product prices rallying even harder than crude oil.
Addressing the domestic fuel crunch in the US, President Trump stated he has encouraged his advisers to support a ban on US diesel exports to ease local pressures.
