Petrol and diesel prices today, October 10: State-run oil companies kept petrol and diesel prices unchanged after their daily revision at 6:00 AM on Saturday, October 10, despite the US-Iran war pushing up global crude oil and fuel costs.
Indian refiners have felt the impact of global supply disruptions. However, the retail prices for petrol and diesel were last increased in May through a series of staggered revisions, resulting in a cumulative hike of approximately ₹7.50 per litre for both fuels.
Across major metros, fuel rates have held their ground since June.
In Mumbai, the retail price of petrol stood at ₹111.31 per litre, reflecting a slight increase from yesterday’s ₹111.21. Over the past few days, the fuel rate in the financial capital has seen minimal movement, fluctuating marginally between ₹111.21 and ₹111.31.
Oil ticked higher as the prospect of a wave of Russian diesel hitting global markets competed with mounting supply risks, from fresh tanker attacks in the Strait of Hormuz to a hurricane in the US, Bloomberg reported.
Brent advanced about 0.4% to settle near $105 a barrel after surging more than 4% on Thursday.
Meanwhile, freight costs have soared to records as the tanker attacks add to risks in the waterway and renewed fighting between Saudi Arabia and Tehran-backed Houthis in Yemen is adding further cross-currents to the market.
US President announced that he has reached an agreement to secure diesel from Russia, marking a dramatic shift from years of US efforts to isolate Moscow over its war in Ukraine as Washington grapples with high fuel prices ahead of the upcoming midterm elections.
Writing on social media on Friday, Trump stated that the deal was struck during a phone call with Russian President Vladimir Putin, which was initially anticipated to focus on a suspected case of plague in Russia.
Instead, Trump revealed that Moscow will immediately supply over 300,000 tons of diesel, with shipments of 500,000 tons to follow in November and one million tons “immediately thereafter.” He added that Russia will deliver an additional three million tons “within a short period of time.”
The announcement runs counter to a sweeping Russia sanctions law signed by Trump last month, which was designed to restrict the oil and gas revenues funding Russia’s military campaign in Ukraine.
In response, Ukrainian President Volodymyr Zelenskyy described the move as “a weak decision, unfortunately, a weak decision by strong partners,” according to a statement from the Ukrainian Embassy in Washington.
(With agency inputs)
