Petrol and diesel prices today, November 7: Petrol and diesel prices remained unchanged in most cities on Saturday after the Centre reduced the additional excise duty on exports. The Finance Ministry recently notified a revised duty structure that took effect on October 31. Under the new structure, the export duty on petrol was reduced from ₹2.50 per litre to zero.
While the export duty on petrol was scrapped, the levy on was increased from ₹8.50 per litre to ₹11.50 per litre.
Fuel prices vary across major cities and states largely due to factors such as local taxes, including Value Added Tax (VAT), freight charges and other local considerations. Although geopolitical tensions in the have led to fluctuations in global oil prices, domestic retail fuel rates have largely remained unchanged, offering some relief to consumers.
*Source: Goodreturns
According to a Reuters report, India’s rose by around 10% in October to 20.49 million metric tonnes from 18.71 million tonnes in September, marking its highest level since March 2026. Data from the Petroleum Planning and Analysis Cell (PPAC) of the Oil Ministry showed that consumption was also 2.7% higher than in October last year.
Diesel consumption increased by 19% in October compared with the previous month and was up 12% year-on-year. Gasoline sales rose 3.5% from the corresponding month last year.
Liquefied petroleum gas () consumption, meanwhile, declined by nearly 1% in October to 2.52 million metric tonnes compared with September. It was also down around 12.3% from a year earlier.
Overall, fuel consumption increased by 6.4% from September.
Mangalore Refinery and Petrochemicals Ltd (MRPL) is increasing its crude oil purchases on a delivered basis to reduce its exposure to shipping risks arising from the Iran war and lower freight costs, its head of finance said on Wednesday.
posted modest gains late Friday amid renewed concerns over a possible escalation of US military action against Iran. US President said he would soon decide whether to pursue a peace agreement with Tehran or launch further attacks to destroy what remains of the country.
crude futures for January delivery settled at $98.32 per barrel, up 3 cents, or 0.03%. US West Texas Intermediate (WTI) crude futures ended at $90.83 a barrel, gaining 31 cents, or 0.34%.
Despite Friday’s marginal gains, Brent is on course for a weekly decline of around 17%. If sustained, this would mark its steepest weekly percentage fall since the onset of the COVID-19 pandemic and its biggest decline in absolute terms, according to LSEG data dating back to 1988.
WTI is also heading for a weekly decline of around 13%.
