Alert! Petrol and diesel prices may rise next month; check today’s rates.

In these times of high inflation, the general public could face another blow. It is reported that petrol and diesel prices might increase in November—a claim made by Oxford Economics.

Petrol and diesel prices in the country could soon see an upward revision. This is not our assertion, but rather a claim made by experts. On Thursday, citing Oxford Economics, Bloomberg reported that the government might raise petrol and diesel prices in November. Let’s explore why such an increase is being predicted.

The last opportunity before election campaigning begins

Alexandra Hermann-Prasad, a lead economist at Oxford Economics, noted: "We believe November could be the last practical window for a price hike. Beyond that, campaigning for the assembly elections—scheduled for early next year—will intensify."

It is worth noting that assembly elections are due in several key states, including Uttar Pradesh, Punjab, and Uttarakhand, in early 2027. Consequently, election campaigns will gain significant momentum. Typically, governments tend to implement price hikes before elections to avoid potential political fallout.

How much might petrol and diesel prices increase?

Due to the conflict involving the US and Iran, along with ongoing tensions in the Middle East, the price of crude oil in the international market has crossed $110 per barrel. This has caused losses for the country’s state-owned Oil Marketing Companies (OMCs), which are currently losing approximately ₹8 per litre on petrol and ₹9 per litre on diesel. Under these circumstances, a price hike appears to be the only viable option.

However, it is unlikely that prices will be raised drastically all at once. According to reports, the increase expected in November could be about half of the 7.5% total hike seen in May this year. However, there has been no official announcement from the government regarding this yet.

Inflation may rise

Harman Prasad also noted that high petrol and diesel prices could push retail inflation to 6.2% in the October–December quarter and to 6.5% in the first quarter of 2027—levels that would exceed the Reserve Bank of India’s (RBI) prescribed safe range of 2%–6%. Given this, there is speculation that the RBI might raise the repo rate by 0.25% in each of its upcoming monetary policy meetings in December and February, which could make loans more expensive.

What are the petrol and diesel prices today?

State-run oil companies (HPCL, IOCL, and BPCL) have made no changes to petrol and diesel prices today. In Delhi, the price of petrol remains steady at ₹102.12 per litre, and diesel at ₹95.20 per litre. The cheapest petrol in the country is in Port Blair, where petrol costs ₹88.66 per litre and diesel costs ₹84.56 per litre. Conversely, the most expensive fuel is found in Chittoor, Andhra Pradesh, where petrol is priced at ₹118.34 per litre and diesel at ₹106.06 per litre.