Petrol & Diesel Prices Today: Fuel Prices Face Minor Movements as Oil Prices Continue to Rally

Petrol and diesel prices faced minor fluctuations in some cities in India on Tuesday, September 8, despite high oil prices due to the increased conflict between the U.S. and Iran. 

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The state-owned oil-marketing firms are still charging the domestic prices according to the increase on May 25 when the price of petrol and diesel was raised by ₹2.7 and ₹2.8 per litre, respectively. 

India operates on a flexible fuel pricing regime whereby petroleum prices are adjusted every day at 6 am. Despite the unstable nature of international fuel prices, India’s fuel prices have remained relatively stable for the past three months. 

What Are Petrol and Diesel Prices Looking Like Today? 

There was little relief or surprise for motorists at fuel stations on Tuesday. Petrol and diesel prices changed only marginally in some cities, continuing the relative stability seen over the past three months despite a much more volatile global oil market. 

Delhi remained among the cheaper major metros for fuel, with petrol at ₹102.12 a litre and diesel at ₹95.20. Mumbai continued to be considerably more expensive at ₹111.21 for petrol and ₹97.83 for diesel, while Bengaluru motorists paid ₹110.93 and ₹98.80, respectively. 

The difference becomes sharper when looking beyond the largest metros. Petrol crossed ₹115 a litre in Hyderabad and Thiruvananthapuram, where it was priced at ₹116.15 and ₹115.49, respectively. Diesel in both cities was also above ₹104. 

Kolkata saw petrol at ₹113.51 a litre, while Patna and Jaipur recorded ₹113.37 and ₹112.69. At the other end, petrol remained closer to ₹102 in Chandigarh, Lucknow, Noida and Gurugram. 

Diesel showed a similar variation. Chandigarh had the lowest rate among the cities listed in the report at ₹89.47 a litre. In comparison, diesel cost ₹104.40 in Thiruvananthapuram and ₹104.23 in Hyderabad. 

For consumers, therefore, Tuesday brought more of the stability seen in recent months. The bigger movement was taking place thousands of kilometres away in the international oil market. 

Oil Climbs as Iran-US Tensions Return to Focus 

Crude prices were moving higher again on Tuesday, with developments involving Iran and the U.S. keeping traders focused on the risks surrounding oil supplies. 

Brent crude gained 34 cents to trade around $97.34 a barrel in early deals, extending a rally that had taken it to its highest level since July 24 a day earlier. West Texas Intermediate (WTI) rose $1.15, or 1.26%, to around $92.63 a barrel. 

Behind that rise was another spell of tension between Washington and Tehran. Military activity has picked up again after weeks of relative calm, bringing the Strait of Hormuz a crucial passage for global energy supplies back into focus. 

At the same time, there was a possible diplomatic development to watch. Iran’s Foreign Minister Abbas Araghchi, after speaking with his Saudi and Turkish counterparts, indicated that an agreement with Oman over the management of shipping through the Strait of Hormuz was close. 

That leaves two contrasting pictures for now: crude oil is reacting to fresh geopolitical uncertainty, while motorists in India continue to see relatively steady prices at the pump. 

Strait of Hormuz Remains in Focus 

The escalation follows a period of relative calm between the U.S. and Iran. Attention has again shifted to the Strait of Hormuz, a key waterway through which nearly one-fifth of global energy supplies transited before the war. 

According to U.S. Central Command, U.S. forces struck three Iranian oil tankers on Saturday, including one near Kharg Island, Iran’s main oil export hub. Iran’s Revolutionary Guards claimed that it responded with counter-strikes on US warships operating in the region. 

Meanwhile, Iran’s Foreign Minister Abbas Araghchi held phone conversations with his Saudi and Turkish counterparts and said an agreement with Oman to manage shipping through the Strait of Hormuz was imminent. 

The developments come as crude oil prices remain elevated, while petrol and diesel prices across Indian cities have stayed relatively stable despite volatility in international energy markets.