Petrol and diesel prices today, November 5: Petrol and diesel prices remained largely steady across major cities today, with the Centre eliminating the additional excise duty applicable to petrol exports.
According to a notification, under the revised structure effective from October 31, the export duty on petrol was reduced to ₹ 0 per litre from ₹2.50 per litre.
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 oil prices have fluctuated amid escalating geopolitical tensions in the Middle East, domestic retail prices have remained mostly unchanged.
Only , India’s largest private fuel retailer, hiked its petrol prices by ₹5 per litre and diesel by ₹3 per litre earlier in October.
Here is a look at the petrol and diesel prices in major metropolitan cities as of November 5:
New Delhi: Petrol is retailing at ₹102.12 per litre, while diesel is priced at ₹95.20 per litre. The national capital continues to have relatively lower fuel prices compared to other metros.
Mumbai: In the financial capital, petrol is priced at ₹111.21 per litre, and diesel costs ₹97.83 per litre.
Chennai: Residents in Chennai are paying ₹107.76 per litre for petrol and ₹99.55 per litre for diesel.
Kolkata: Petrol costs ₹113.51 per litre, while diesel costs ₹99.82 per litre.
Bengaluru: Petrol is priced at ₹111.68 per litre, and diesel at ₹99.56 per litre.
Hyderabad: Petrol costs ₹116.15 per litre, while diesel costs ₹104.23 per litre.
Brent crude futures dived nearly 9% overnight, falling below $100 a barrel. Brent has dropped by about 20% so far this week. If sustained through Friday’s close, it would mark the largest weekly drop in oil prices since a week in April 2020, when US crude briefly fell into negative territory.
At $93.50, oil was testing overnight lows in the Asian morning as traders bet that US President , facing a Democratic Congress and hurt by high energy prices driven by the Middle East conflict, would be less likely to escalate the war with Iran.
Trump acknowledged on Wednesday that the war played a role in Republicans’ defeat, and his vice president, JD Vance, was even more blunt on X: “The reason we lost is the war.”
A resolution could push oil prices lower still, alleviating inflation pressure and reducing the likelihood of future interest rate hikes.
The yield on benchmark 10-year US Treasuries was down 6 basis points (bps) overnight and by a further basis point in early Tokyo trade to 4.87%, while 2-year yields, which track short-term rate expectations, fell about 2 bps to 4.56%.
