Whalesbook
Global Oil Prices Fall, Indian Rates Hold Steady
Retail petrol and diesel rates across major Indian cities were unchanged on April 8, 2026, even as international crude oil prices fell sharply. This price stability comes despite a significant drop in Brent crude futures, which went down over 10 percent as geopolitical tensions surrounding the US and Iran eased following a temporary ceasefire agreement.
Oil Companies Keep Prices Unchanged
Indian Oil Corporation (IOC), Bharat Petroleum Corporation Limited (BPCL), and Hindustan Petroleum Corporation Limited (HPCL) are keeping fuel prices steady at the pump. Despite global market shifts, these state-run oil marketing companies (OMCs) have not revised their retail rates, which have seen little change since May 2022. This period included government interventions involving excise duty and VAT reductions.
Fuel Prices in Major Cities
In Delhi, petrol remained priced at ₹94.77 per litre, with diesel at ₹87.67 per litre. Mumbai continues to see higher rates, with petrol retailing at ₹103.49 per litre and diesel at ₹90.03 per litre. Most major metro cities, including Mumbai, Bengaluru, Hyderabad, and Kolkata, still report petrol prices above ₹100 per litre, while diesel prices in these locations remain below the ₹100 mark.
What Sets Indian Fuel Prices
Fuel prices in India are adjusted daily, reflecting international crude oil prices and foreign exchange rates. The rupee-dollar exchange rate is a key factor, as a weaker rupee increases the cost of imported crude. Furthermore, central and state government taxes, transportation costs, and demand-supply dynamics significantly influence the final consumer price, leading to state-to-state variations.