Petrol and diesel held steady across Indian cities on 9 October, with Brent crude still above $100 a barrel
Retail fuel rates were unchanged in fourteen cities on 9 October even as the Indian Crude Oil Basket sat at $120.34 a barrel and Brent traded around $103.50. Reporting attributes the gap between crude and pump prices to margins the oil companies have been absorbing, and notes ICRA's warning on negative marketing margins.
By Rohit Banerjee · Economics Correspondent, Business
The short version
- Petrol and diesel prices were unchanged across major Indian cities on 9 October 2026, Livemint reported.
- The Indian Crude Oil Basket was priced at $120.34 a barrel, Brent December futures fell 0.77% to around $103.50, and US WTI November futures fell 0.64% to around $90.90.
- In Bengaluru, petrol was priced at ₹111.68 a litre and diesel at ₹99.56; in Delhi, ₹102.12 and ₹95.20.
- ICRA has flagged negative marketing margins on petrol and diesel for the oil marketing companies, according to the report.
Indian retail fuel prices did not move on 9 October, even as crude stayed high. Livemint reported that petrol and diesel rates were unchanged across major cities even as the Indian Crude Oil Basket was priced at $120.34 a barrel, Brent crude traded around $103.50 and US West Texas Intermediate around $90.90.
The international picture was volatile rather than stable. Brent futures for December delivery fell 0.77% to about $103.50 a barrel, and US WTI futures for November fell 0.64% to about $90.90. Both figures follow a week in which crude climbed above $100 on supply-disruption concerns after attacks in Saudi Arabia and a storm threatening oil production in the US Gulf. The report also noted reports that the United States was considering large-scale military operations in Iran over the coming weeks.
Where the pumps stood on 9 October
- New Delhi: petrol ₹102.12, diesel ₹95.20 a litre.
- Mumbai: petrol ₹111.21, diesel ₹97.83.
- Bengaluru: petrol ₹111.68, diesel ₹99.56.
- Chennai: petrol ₹107.77, diesel ₹99.55.
- Kolkata: petrol ₹113.51, diesel ₹99.82.
- Hyderabad: petrol ₹116.15, diesel ₹104.23.
- Thiruvananthapuram: petrol ₹115.49, diesel ₹104.40.
- Lucknow: petrol ₹101.86, diesel ₹95.36.
- Chandigarh: petrol ₹101.54, diesel ₹89.47.
- Jaipur: petrol ₹112.66, diesel ₹98.25.
Why the pump did not follow crude
The gap between a rising crude price and an unchanged retail rate is the part of this story that matters most for the second half of the year. Indian retail fuel prices are shaped by international crude, the rupee's exchange rate against the dollar, freight and refining costs, and central and state taxes. State-run oil marketing companies revise prices daily, but rates can hold steady for extended periods because of how quickly each input moves.
ICRA has flagged negative marketing margins on petrol and diesel, Livemint reported. If crude stays elevated while retail rates hold, that pressure on the companies' margins persists. For an importer that depends heavily on overseas crude, a prolonged rise also widens the oil import bill. Whether the gap closes through higher pump prices or absorbed margins is not something the reporting establishes, and it depends on pricing decisions and the rupee's path.
Sources — 1 reference
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About the byline
Rohit Banerjee
Macroeconomics, public finance and the quarterly numbers. Reads the budget documents for pleasure.
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