Petrol and diesel prices in several cities, rates mostly remained stable on Sunday, March 15. This relative stability has continued despite significant fluctuations in global oil markets caused by geopolitical tensions linked to the Middle East conflict.
To keep domestic fuel prices in line with international crude oil costs and currency exchange rate movements, Oil Marketing Companies (OMCs) revise petrol and diesel prices every day at 6 am.
Residents can check the latest fuel prices in their respective cities:
Earlier on March 13, Union Petroleum and Natural Gas Minister Hardeep Singh Puri assured Parliament that India’s energy supplies remain secure despite major global disruptions caused by the ongoing conflict in West Asia and subsequent closure of the Strait of Hormuz.
In his statement in the Lok Sabha, Puri said the government has taken multiple measures to safeguard the country’s energy security and ensure the uninterrupted availability of petroleum products, cooking gas, and natural gas.
Rupee likely to remain volatile through March: Union Bank report
The Indian Rupee is likely to stay volatile throughout March as geopolitical tensions and global economic factors continue to put pressure on the currency, according to a report by Union Bank of India.
The report highlighted that the rupee recently fell to a record low of ₹92.48 per US dollar on March 13, showing the influence of both global and domestic developments on the foreign exchange market.
It also stated that ongoing tensions in the Middle East remain a major risk for the rupee’s outlook. The intensifying conflict in the region has raised fears of disruptions to global energy supply routes, which has driven crude oil prices higher.
Iran vows to keep Strait of Hormuz closed
Iran’s new supreme leader Mojtaba Khamenei called for using “the lever of blocking the Strait of Hormuz”, which the country’s Revolutionary Guards vowed to carry out, as reported by AFP.
The strait is a vital maritime route through which roughly one-fifth of the world’s crude oil and natural gas supplies are transported.
According to the International Energy Agency, the ongoing Middle East conflict is causing what could become the largest supply disruption in the history of the global oil market. Iran’s pressure on regional supplies has forced Gulf oil producers to cut output.
The agency said crude oil production has fallen by at least 8 million barrels per day.
The ongoing Middle East conflict could become the largest supply disruption in the history of the global oil market.
Despite global disruptions, the government has taken multiple measures to safeguard the country’s energy security.
Earlier, Chris Wright, the United States Department of Energy Secretary, stated that the United States military was currently “not ready” to escort oil tankers through the strait because its resources are focused on operations targeting Iran.
(With inputs from agencies)
