Intensifying military tensions and geopolitical conflicts across the Middle East have sent shockwaves through international commodity markets, pushing Brent crude oil prices to alarming highs of $106 to $107 per barrel, while the specific Indian Basket crude price evaluated by the Petroleum Planning and Analysis Cell (PPAC) has climbed to approximately $115.98 per barrel. The ongoing hostilities involving the United States, Iran, and Yemen’s Houthi rebels have posed severe threats to critical maritime trade arteries like the Strait of Hormuz. Combined with OPEC reports indicating that Saudi Arabia’s oil production has slumped to yearly lows, global supply chain fears have escalated dramatically.
Are Retail Petrol and Diesel Prices Impacted in India?
Despite the steep surge in international crude costs and mounting financial pressures on state-owned oil marketing companies (OMCs)—which are reportedly incurring substantial losses on fuel sales alongside rising LPG subsidy burdens, according to ICRA estimates—public sector fuel retailers have maintained stability in the domestic market. State-owned oil companies have kept retail petrol and diesel prices unchanged across major cities, providing temporary relief to consumers amidst broader macroeconomic volatility and falling equity indices.
Latest Petrol and Diesel Rates Across Major Metros
Retail fuel prices remain steady across key urban centers in the country. In the national capital, New Delhi, petrol is retailing at Rs 102.12 per litre while diesel stands at Rs 95.20 per litre. In financial hub Mumbai, petrol costs Rs 111.21 per litre and diesel is priced at Rs 97.83 per litre. Consumers in Kolkata pay Rs 113.51 per litre for petrol and Rs 99.82 per litre for diesel, whereas in Chennai, petrol is available at Rs 107.77 per litre alongside diesel at Rs 99.55 per litre. Meanwhile, Bengaluru records petrol at Rs 110.89 per litre and diesel at Rs 98.80 per litre, and Hyderabad lists petrol at Rs 115.69 per litre with diesel at Rs 103.82 per litre.