Fuel prices hold steady across India as crude markets stabilise

Petrol and diesel prices remained flat on September 23 across India's leading cities including Mumbai, Bengaluru and other commercial hubs, extending a period of stability in retail fuel costs.

The pause in price movements came as international crude oil markets showed relative steadiness, with Brent crude benchmark settling at $99.20 per barrel and WTI crude at $90.23 per barrel during overnight trading sessions.

Retail fuel pricing in India is determined through a dynamic formula that factors in crude oil costs, foreign exchange rates and other market variables. The holding pattern in prices on September 23 reflected the modest movements observed in global petroleum markets, which have remained within a relatively narrow trading range in recent sessions.

Motoring consumers and commercial operators across major cities have continued to monitor daily price announcements, which are typically released by oil marketing companies following overnight international market movements. The stability in rates provides some relief to logistics and transport sectors that have faced sustained pressure from volatile energy costs.