Berliner Boersenzeitung - Indian petrol and diesel prices remain unchanged on October 18

Petrol and diesel prices stayed unchanged across major Indian cities on October 18, with oil-marketing companies announcing no revisions.

Petrol and diesel prices today, October 18: Petrol and diesel prices remained steady across major cities today, with no revisions reported by oil marketing companies.

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 crude oil prices have fluctuated amid escalating geopolitical tensions in the Middle East, domestic retail prices have remained unchanged.Here is a look at the petrol and diesel prices in major metropolitan cities as of October 18: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 todaySource: GoodReturns

How are fuel prices determined?

In India, public-sector Oil Marketing Companies (OMCs) such as Indian Oil Corporation (IOCL), Bharat Petroleum Corporation Ltd (BPCL), and Hindustan Petroleum Corporation Ltd (HPCL) revise fuel prices daily at 6:00 AM.

The pricing is based on a 15-day rolling average of international benchmark petrol and diesel prices, as well as the foreign exchange rate (rupee-dollar fluctuations).

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(S.G.Stein--BBZ)