Petrol and diesel prices today, September 21: Petrol and diesel prices remained unchanged across major Indian cities on Monday, September 21, following the 6:00 AM daily price revision by state-run oil marketing companies (OMCs).
In Mumbai, the retail price of petrol stood at ₹111.21 per litre, holding steady from the previous day. Over the past few days, the fuel rate in the city has seen minimal movement, fluctuating between ₹111.18 and ₹111.21.
A looming regulatory change threatens to disrupt consumer payments at fuel stations. Petrol pump dealers nationwide are urgently petitioning the ministries of finance and petroleum for an exemption from a new Unified Payments Interface (UPI) transaction fee set to take effect next month.
The dealer associations are protesting the proposed flat ₹5 merchant discount rate (MDR) applied to UPI fuel purchases exceeding ₹2,000. Operators have cautioned that the levy will severely strain their already-thin, fixed per-litre margins.
As Mint previously reported, the added financial burden could force several dealers to halt UPI acceptance for transactions above the ₹2,000 threshold to protect their profitability.
Global oil prices gain
Oil prices held above $100 as Iran and the United States exchanged new threats, following the Houthis ‘ attack on Saudi Arabia’s capital. Brent gained toward $105 a barrel, while West Texas Intermediate was near $101.
At the weekend, Saudi Arabia issued air-raid alerts for Riyadh, the first in the capital since the height of the conflict in March and April, as well as warnings in Red Sea hubs including Yanbu. The kingdom has been facing threats from Iran-backed Houthis in Yemen.
“The closure of the East-West pipeline has materially altered the state of the oil market,” Vivek Dhar, head of commodities at CBA, told Reuters. “We now estimate that oil markets have 5 to 10 weeks before global oil and refined product inventories deplete, compared to estimates closer to 15 to 20 weeks just a fortnight ago.”
Dhar said that this would increase pressure on Washington to make a deal with Iran, at least to restore some flows through the Strait of Hormuz and keep the Bab el-Mandeb passage open.
