
Petrol and diesel prices remained largely unchanged across major Indian cities on Saturday, November 14, providing relief to consumers amid continuing fluctuations in international crude oil prices. Oil marketing companies kept retail fuel rates steady in major metropolitan cities, including New Delhi, Mumbai, Chennai, Kolkata and Bengaluru.
Fuel prices have largely stayed stable since the beginning of November, despite global energy market uncertainties and geopolitical tensions in the Middle East. The Centre had also scrapped the additional excise duty on petrol exports, but domestic consumers have so far not witnessed any major changes in retail fuel prices.
Prime Minister Narendra Modi recently highlighted India's efforts to strengthen energy security over the past decade. He said these initiatives had helped the country deal confidently with challenges arising from the ongoing conflict in the Middle East.
Modi made the remarks during his visit to Bengaluru and Mysuru, where he inaugurated projects and laid foundation stones for development initiatives worth more than Rs 15,600 crore across Karnataka. The projects covered several sectors, including energy and railways.
Meanwhile, international crude oil prices continued to fluctuate as traders assessed the possibility of peace negotiations between the United States and Iran. Brent crude traded within a $2 range before ending the session largely unchanged at around $96 per barrel. West Texas Intermediate settled at approximately $88.50 per barrel.
Brent crude also registered its second consecutive weekly decline after touching a six-month high at the end of October. Increased oil flows from the Middle East and expectations of diplomatic efforts to resolve the conflict contributed to the decline.
Despite movements in global oil markets, domestic petrol and diesel prices remained largely steady on November 14.
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