In recent times, crude oil prices have been fluctuating. On September 26, international prices dropped. Despite this decline, petrol and diesel prices are stable in most cities, with only minor reduction in petrol prices in some areas. In the global market, Brent crude is still trading above $72 per barrel. Meanwhile, there has been no change in petrol and diesel prices in the four major metropolitan cities. Let’s first take a look at the international crude oil prices.

International crude oil prices

As of September 26, there is a decline in Brent crude oil prices in the international market, with its price reaching $72.95 per barrel, while WTI crude oil is down to $69.68 per barrel. Looking at the past week’s chart, a downward trend in crude oil prices is evident.

A combination of lower crude oil prices, stable macroeconomic fundamentals, and the potential for monetary easing is likely to support India’s valuations, reducing the chances of a significant market correction in the near future. Given these favourable conditions and past performance, we maintain a positive outlook for the Indian market over the next three months, according to the Elara Capital’s research report.

Brent crude has fallen by 17%, driven by an OPEC+ supply increase and weak demand from China, pulling prices down from the April 2024 peak of USD 91.2 per barrel. A sustained 1% drop in crude oil prices is expected to boost domestic growth by approximately 3.5 basis points and reduce CPI by 11 basis points (as highlighted in “Oil Swings: India to Reap Lows, Manage Highs,” dated 18 September 2024). Moreover, crude prices in the USD 61-75 per barrel range are particularly advantageous, improving margins by 79 basis points for the NSE500 manufacturing sector (excluding Oil & Gas, Infrastructure, and Real Estate), the report added. 

Petrol Prices in Major Cities  

– Delhi: Rs 94.72 per litre  

– Mumbai: Rs 104.21 per litre  

– Kolkata: Rs 104.95 per litre  

– Chennai: Rs 100.75 per litre  

Diesel Prices in Major Cities

– Delhi: Rs 87.62 per litre  

– Mumbai: Rs 92.15 per litre  

– Kolkata: Rs 91.76 per litre  

– Chennai: Rs 92.34 per litre  

Petrol, Diesel price in other cities on September 26

Lucknow 

– Petrol: Rs 94.79 per litre  

– Diesel: Rs 87.92 per litre  

Kanpur

– Petrol: Rs 94.50 per litre  

– Diesel: Rs 88.19 per litre  

Prayagraj 

– Petrol: Rs 95.28 per litre  

– Diesel: Rs 87.45 per litre  

Mathura  

– Petrol: Rs 94.28 per litre  

– Diesel: Rs 87.29 per litre  

Agra

– Petrol: Rs 94.70 per litre  

– Diesel: Rs 87.79 per litre  

Varanasi 

– Petrol: Rs 95.07 per litre  

– Diesel: Rs 88.24 per litre  

Meerut

– Petrol: Rs 94.51 per litre  

– Diesel: Rs 87.59 per litre  

Noida

– Petrol: Rs 94.80 per litre  

– Diesel: Rs 87.93 per litre  

Ghaziabad

– Petrol: Rs 94.71 per litre  

– Diesel: Rs 87.82 per litre  

Gorakhpur

– Petrol: Rs 95.06 per litre  

– Diesel: Rs 87.22 per litre