Fuel prices across India remained largely stable on March 24, even as global crude oil markets remain volatile due to the ongoing Gulf (West Asia) crisis. Oil marketing companies have continued to hold retail prices steady, cushioning consumers from sharp global price fluctuations.

Key Highlights

• Petrol and diesel prices remain stable across major cities despite rising crude oil prices globally.
• Gulf crisis pushes oil above $110 raising concerns over potential fuel price hikes in India.

In major cities, petrol and diesel prices continue to hover at similar levels seen in recent weeks. In Delhi, petrol is priced at around ₹94.77 per litre and diesel at ₹87.67 per litre. In Mumbai, petrol costs approximately ₹103.50 per litre, while diesel is around ₹90.03 per litre. Other metro cities also reflect similar trends, with petrol prices above ₹100 per litre in cities like Kolkata, Bengaluru, and Hyderabad.

Despite rising crude oil prices—driven by escalating tensions involving Iran and disruptions in key supply routes like the Strait of Hormuz—domestic fuel prices have not seen an immediate hike. This is largely because government-backed oil companies are absorbing part of the cost increase to prevent a sudden burden on consumers.

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However, the broader energy market remains under pressure. Crude oil prices have surged past $110 per barrel, raising concerns about future fuel price hikes if geopolitical tensions persist. India, which imports nearly 85–88% of its crude oil needs, remains highly sensitive to such global developments.

Experts warn that while retail fuel prices are currently stable, sustained increases in global oil prices could eventually lead to revisions. Factors such as exchange rates, taxes, transportation costs, and global supply disruptions will continue to play a crucial role in determining future price movements.