Petrol and diesel prices across several Indian cities largely remained unchanged on Monday, 16 March, continuing the recent trend of stability in retail fuel rates.
The steady pricing comes even as global oil markets have witnessed volatility in recent weeks, driven by geopolitical tensions linked to the ongoing conflict in the Middle East and concerns over potential supply disruptions.
The conflict involving the United States, Israel, and Iran has entered its third week with no clear sign of de-escalation. It began on 28 February, when coordinated US-Israeli strikes targeted Iran, prompting Tehran to retaliate with an attack across US military bases in the Middle East.
To keep domestic fuel prices aligned with international crude oil prices and currency exchange rate movements, Oil Marketing Companies (OMCs) revise petrol and diesel prices every day at 6 am.
The three major OMCs responsible for fuel pricing and distribution in India are Indian Oil Corporation (IOC), Bharat Petroleum Corporation Limited (BPCL), and Hindustan Petroleum Corporation Limited (HPCL).
Check latest fuel prices in your city
| city | Petrol ( ₹ /L) | diesel ( ₹ /L) |
|---|---|---|
| Delhi | ₹94.77 | ₹87.67 |
| mumbai | ₹103.54 | ₹90.03 |
| Kolkata | ₹105.45 | ₹92.02 |
| Chennai | ₹100.80 | ₹92.39 |
| Hyderabad | ₹107.50 | ₹95.70 |
| Bengaluru | ₹102.99 | ₹91.06 |
| Lucknow | ₹94.69 | ₹87.81 |
| Ahmedabad | ₹94.49 | ₹90.17 |
Earlier on 13 March, Union Petroleum and Natural Gas Minister Hardeep Singh Puri assured Parliament that the country’s energy supplies remain secure, even as major disruptions caused by the ongoing conflict in the Middle East and subsequent closure of the Strait of Hormuz have rattled the global markets.
In his statement in the Lok Sabha, Puri stated that the government has taken multiple measures to protect India’s energy security and ensure the uninterrupted availability of petroleum products, cooking gas, and natural gas.
However, per multiple reports, several states are facing a shortage of LPG cylinders due to an effective halt in maritime traffic through the Strait of Hormuz. While the government prioritized LPG supply for households and critical sectors such as healthcare, other businesses, such as eateries and hotels that rely on commercial cooking gas, were hit the hardest.
The government on Saturday, 14 March, resumed the distribution of Commercial LPG cylinders in all States and Union Territories.
What affects petrol and diesel prices in India?
Retail fuel prices in the country are influenced by several factors, with the most significant being the price of crude oil in international markets, as it is the primary raw material used to produce petrol and diesel.
The rupee-dollar exchange rate also plays a crucial role in the pricing of petrol and diesel, as India imports a large share of its crude oil requirements from abroad. A weaker rupee can increase the cost of imported crude, which in turn may push up fuel prices.
Another important factor is the taxes imposed by the central and state governments, which form a major component of petrol and diesel prices. This is why fuel rates vary from state to state. Transportation costs and demand–supply dynamics also influence the final price that consumers pay at the pump.
