Amid persistent volatility in global oil prices due to Middle East conflict, retail fuel rates in India remained unchanged on Saturday, March 21, extending the trend of stability that has been observed over the past few weeks.
The war involving the United States, Israel, and Iran is about to enter its fourth week. It began on 28 February, when coordinated US-Israeli strikes were launched at Iran, prompting Tehran to retaliate with an attack across US military bases in the Middle East.
As of late, global energy markets have been rattled by rising geopolitical tensions in the Middle East, pushing crude to above $100 a barrel this week. As a result, India has begun a calibrated pass-through of the shock, selectively raising prices of certain fuels while keeping retail petrol and diesel largely unchanged.
OMCs raise industrial diesel and premium petrol prices State-run oil marketing companies (OMCs) have increased industrial diesel prices by around ₹22 per litre and premium petrol rates by about ₹2 per litre, Mint reported earlier. However, the prices of regular transport fuels and premium diesel have been kept unchanged.
In Delhi, the price of premium petrol has been raised from ₹99.89 per litre to ₹101.89, while the price of industrial diesel, which is procured in bulk, has been increased to ₹109.59 per litre.
The hike in energy rates follows last month's hike in domestic cooking gas prices by around ₹60 and commercial LPG by approximately ₹115.
City-wise fuel rates on 21 March The following retail rates are currently active in major cities across India:
City Petrol ( ₹ /L) Diesel ( ₹ /L) Delhi ₹ 94.77 ₹ 87.67 Mumbai ₹ 103.54 ₹ 90.03 Kolkata ₹ 105.45 ₹ 92.02 Chennai ₹ 100.84 ₹ 92.39 Hyderabad ₹ 107.46 ₹ 95.70 Bengaluru ₹ 102.96 ₹ 90.99 Lucknow ₹ 94.69 ₹ 87.81 Ahmedabad ₹ 94.49 ₹ 90.17
Who is responsible for fuel pricing? 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).
Retail fuel prices in the country are influenced by several factors, including the price of crude oil in international markets, the rupee-dollar exchange rate, and taxes imposed by the central and state governments.
Petrol and diesel prices are revised every day at 6 AM. This practice helps OMCs to keep domestic fuel prices aligned with international crude oil prices and currency exchange rates.
US considering to lift sanctions on Iranian oil? The United States on Friday signalled that it may ease the sanctions on Iranian oil and global powers backed efforts to secure shipping through the Strait of Hormuz. As a result, International oil prices fell over 2% on the same day.
The moves point to early attempts to stabilize supplies after crude surged to multi-month highs amid escalating tensions in West Asia.
US Treasury Secretary Scott Bessent, in an interview with Fox Business Network on Thursday, said Washington may ease restrictions on Iranian oil already at sea to cool prices.