Fuel prices on 4 November: Check how much petrol, diesel, and CNG cost in Delhi, Mumbai, Bengaluru — Full list

Petrol and diesel prices today, November 4: Fuel prices across major cities remained largely stable on Wednesday, after the Central government slashed the additional excise duty applicable to petrol exports. According to a Finance Ministry notification, the revised structure took effect on 31 October, under which the export duty on petrol was cut to ₹0 per litre from ₹2.50 per litre.

While the export duty on petrol has been eliminated, the export levy on diesel has been hiked from ₹8.50 per litre to ₹11.50 per litre.

The variation in fuel prices across major cities and states is due to several factors, including local taxes (Value Added Tax or VAT), freight charges, and other localised factors. Global oil prices have fluctuated amid geopolitical tensions in the Middle East; despite this, domestic retail prices have continued to be unchanged.

Oil swings after two-day decline

Oil prices fluctuated on Tuesday (local time) following a two-day decline as traders weighed mixed signals on the trajectory of the US-Iran peace talks. West Texas Intermediate (WTI) traded near $97 a barrel after hovering in a range of around $5. Brent, on the other hand, closed below $104.

Citing a diplomat, Bloomberg reported that both Iran and the United States are still reviewing fresh proposals from mediators on how to resolve their differences. In a post on X, Iran’s national security chief said that Washington’s response has so far been “not satisfactory.”

The latest diplomatic efforts come amid weeks of heightened tensions, with Tehran stepping up attacks on vessels transiting the Strait of Hormuz and US President Donald Trump warning of renewed strikes following the midterm elections. Earlier on Monday, oil prices fell on signs of progress; however, choppy trading returned on Tuesday.

Brent, the global benchmark, has climbed over 70% this year as the nine-month conflict disrupted flows from the Persian Gulf and upended energy markets. As a result, diesel and gasoline prices have also rallied, including in the US, potentially influencing the outcome of the midterms.