Petrol and diesel prices today, October 17: 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.
Here is a look at the petrol and diesel prices in major metropolitan cities as of October 17:
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).
Brent oil hit $110 a barrel for the first time since May as prospects for imminent supply relief dwindle, prompting traders to ramp up bets on higher prices ahead of the weekend.
The global benchmark rose 3.7%, notching a second straight weekly gain, as bullish sentiment crystallised in the course of a session punctuated by reports of ongoing conflict in major export centres. Iran-backed Houthi rebels continue to pummel Saudi Arabia with missile and drone strikes, while Russia and Ukraine exchange tit-for-tat attacks on energy infrastructure.
The last time prices reached these levels was almost five months ago, when paralysed global crude and fuel flows spurred a fragile, short-lived agreement that briefly reopened the Strait of Hormuz.
US President Donald Trump has issued a waiver of sanctions, restrictions, and duties under the Sanctions on Russia and Iran Act, citing national interest.
“I am hereby waiving the application of such sanctions, restrictions, and duties provided for in the Graham Act,” Trump said in an executive order issued on Friday evening.
Trump said he had submitted to Congress a certification that issuing such a waiver at this time is in the national interest of the United States.
(With agency inputs)
