Seoul Gazette - Petrol and diesel prices remain broadly steady across major Indian cities

Petrol and diesel prices today, November 3: Petrol and diesel prices remained largely steady across significant cities today, with the Centre eliminating the additional excise duty applicable to petrol exports. as reported by a Finance Ministry 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.

Petrol: Export duty has been scrapped, down from ₹2.50 per litre.Diesel: Export levy has been hiked to ₹11.50 per litre from ₹8.50 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 Nayara Energy, 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 significant metropolitan cities as of November 3: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.

Petrol and diesel prices in other metro cities today Global headlines: Brent crude slumps 7.6%US oil held its losses early Tuesday after global benchmark Brent crude declined sharply 7.6% to close at $104.77 a barrel as traders assessed signs of progress toward ending the conflict, a day before Americans vote in the midterm elections. A Bloomberg gauge of the dollar weakened on Monday and longer-maturity Treasuries outperformed.

Easing geopolitical tensions are lowering energy prices and inflation risks, yet the drop in crude has so far failed to revive appetite for technology shares as concerns over AI spending and stretched valuations persist. Iranian President Masoud Pezeshkian said his government had been granted more authority by the country’s supreme leader to pursue peace talks, while US President Donald Trump hinted at progress in negotiations.

“They want to make a deal, and that could happen,” Trump told reporters in Washington. He also said that oil prices had fallen because “it looks like that’s coming together very nicely” and “people found out about it.” Moments later, Trump mouthed “No” when a reporter shouted a question about whether he would resume military strikes on Iran after Tuesday’s midterm elections.

G.Seong--SG