Petrol, Diesel Prices Unchanged Despite 37% Surge In Global Crude Oil; Check Rates In Your City

Petrol and diesel prices across several major Indian cities saw only minor changes on Saturday, with fuel rates largely remaining stable despite fluctuations in global crude oil markets. The stability comes at a time when international oil prices are experiencing sharp volatility due to ongoing geopolitical tensions in the Middle East.

Oil marketing companies (OMCs) revise petrol and diesel prices daily at 6 AM based on global crude oil prices and currency exchange rate movements. However, authorities have indicated that retail fuel prices in India are likely to remain steady for now to avoid sudden shocks for consumers.

Latest Petrol and Diesel Prices in Major Cities

The latest fuel prices in some of India's major cities are as follows:

City Petrol (₹/L) Diesel (₹/L)

Delhi 94.72 87.62
Mumbai 104.21 92.15
Kolkata 103.94 90.76
Chennai 100.75 92.34
Hyderabad 107.46 95.70
Bengaluru 102.92 89.02
Pune 104.04 90.57
Lucknow 94.69 87.80
Jaipur 104.72 90.21
Ahmedabad 94.49 90.17
Patna 105.58 93.80

Among these cities, Hyderabad and Patna continue to record some of the highest petrol prices, while Delhi remains among the cities with comparatively lower rates.

Middle East Conflict Pushing Up Global Oil Prices

Global crude oil prices have surged significantly due to the ongoing conflict involving Iran in West Asia. Reports indicate that crude prices have risen by nearly 37 percent since the conflict began.

One of the key concerns for global markets is the potential disruption to shipping routes through the Strait of Hormuz, one of the world's most important energy corridors.

Nearly 20 percent of global oil supply passes through this narrow waterway connecting the Persian Gulf to international markets. Any disruption in this region can quickly affect global energy prices.

RBI Steps In to Support the Rupee

The rising oil prices have also placed pressure on the Indian currency.

According to reports, the Reserve Bank of India (RBI) has intervened in the foreign exchange market by selling US dollars to prevent the rupee from weakening sharply.
This intervention has resulted in a noticeable drop in India's foreign exchange reserves.

Data released by the RBI shows that forex reserves fell by $11.68 billion during the week ending March 6, marking the largest decline since November 2024.

Such interventions are aimed at stabilising the currency and preventing further economic volatility.

Why Fuel Prices Remain Stable in India

Despite the increase in global crude prices, petrol and diesel rates in India have not risen sharply so far.

Authorities say that oil marketing companies are absorbing part of the global price fluctuations to avoid a sudden increase in retail fuel prices that could affect consumers and push inflation higher.

India relies heavily on imports for its energy needs, with around 85 percent of its crude oil requirements coming from overseas markets. This makes domestic fuel prices highly sensitive to global developments.

Oil Companies Facing Heavy Losses

While fuel prices have remained stable for consumers, oil marketing companies are reportedly facing significant financial losses.

According to a report by brokerage firm Systematix, major state-owned companies such as:

• Indian Oil Corporation (IOC)
• Bharat Petroleum (BPCL)
• Hindustan Petroleum (HPCL)

are currently losing around ₹20 per litre on petrol and ₹45 per litre on diesel while selling fuel at current prices.

These losses reportedly add up to around ₹2,000 crore per day.

Diesel Sales Driving Larger Losses

The report suggests that diesel sales account for the largest share of these losses.

Out of the total daily losses:

• Around ₹1,650 crore is attributed to diesel
• About ₹350 crore is linked to petrol sales

This indicates that diesel pricing is placing greater financial pressure on oil companies compared to petrol.

Outlook for Fuel Prices

For now, the government and oil companies appear to be prioritising price stability to protect consumers from sudden increases in fuel costs.

However, if global crude oil prices continue to rise due to geopolitical tensions or disruptions in key shipping routes, India may eventually face pressure to adjust retail fuel prices.

As global energy markets remain uncertain, the coming weeks will be crucial in determining whether fuel prices in India remain stable or begin to move upward.