Fuel prices continue to be an important concern for consumers across India. On March 12, petrol and diesel rates in major Indian cities remained mostly stable, even though international crude oil prices have risen sharply due to geopolitical tensions and supply concerns.
The increase in global crude prices has created uncertainty in the energy market. However, for now, Indian retail fuel prices have not seen any major changes, offering temporary relief to consumers and businesses that depend heavily on transportation.
Petrol and Diesel Prices in Major Cities
Here are the approximate fuel prices in key Indian cities:
| City | Petrol Price (₹/L) | Diesel Price (₹/L) |
|---|---|---|
| Delhi | ₹94.77 | ₹87.67 |
| Mumbai | ₹103.54 | ₹90.03 |
| Kolkata | ₹105.41 | ₹92.02 |
| Chennai | ₹100.93 | ₹92.48 |
| Hyderabad | ₹107.50 | ₹95.70 |
| Bengaluru | ₹102.92 | ₹90.99 |
| Pune | ₹103.91 | ₹90.57 |
Fuel prices vary from city to city because of state taxes, transportation costs, and dealer commissions. This is why some states experience higher petrol and diesel prices compared to others.
Why Are Global Oil Prices Rising?
International crude oil markets have recently become volatile due to geopolitical tensions in the Middle East and concerns about disruptions in oil supply. In some cases, attacks on oil infrastructure and shipping routes have raised fears about the stability of global energy supplies.
Because of these risks, the price of Brent crude oil has surged close to $100 per barrel, while other global oil benchmarks have also increased significantly.
Will Petrol and Diesel Prices Increase in India?
Despite the rise in international crude prices, the Indian government has indicated that domestic petrol and diesel prices are expected to remain stable for the time being. Authorities have stated that the country currently has sufficient fuel supplies and reserves to meet domestic demand.
Maintaining stable fuel prices also helps control inflation and reduces the financial burden on consumers.
Factors That Affect Fuel Prices in India
Several factors influence petrol and diesel prices in India:
Global crude oil prices
Rupee–Dollar exchange rate
Central excise duty
State VAT taxes
Transportation and dealer commission
Since India imports a large portion of its crude oil, changes in global oil markets can have a direct impact on domestic fuel prices.
