Petrol and diesel prices in several cities remained mostly stable on Sunday, March 15. This relative stability continued despite significant fluctuations in global oil markets caused by geopolitical tensions linked to the conflict in the Middle East.
To keep domestic fuel prices in line with international oil costs and exchange rate movements, Oil Marketing Companies (OMCs) revise petrol and diesel prices every day at 6 am.
Residents can check current fuel prices in their cities:
Earlier on March 13, Union Petroleum and Natural Gas Minister Hardeep Singh Puri assured Parliament that India’s energy supply remains secure despite major global disruptions caused by the ongoing conflict in West Asia and the subsequent closure of the Strait of Hormuz.
In his statement in the Lok Sabha, Puri said that the government has taken a number of measures to ensure energy security of the country and ensure uninterrupted availability of petroleum products, cooking gas and natural gas.
The rupee is likely to remain volatile till March, a Union Bank report said
The Indian rupee is likely to remain volatile throughout March as geopolitical tensions and global economic factors continue to put pressure on the currency, a Union Bank of India report said.
The report highlighted that the rupee had recently fallen to a record low ₹92.48 per US dollar on March 13, indicating the influence of global and domestic developments in the foreign exchange market.
It also said continued tensions in the Middle East remain a major risk to the rupee’s outlook. The intensifying conflict in the region has raised concerns about disruptions to global energy supply routes, sending oil prices higher.
Iran vows to keep Strait of Hormuz closed
Iran’s new Supreme Leader Mojtaba Khamenei has called for the use of “leverage to block the Strait of Hormuz”, which the country’s Revolutionary Guards have vowed to carry out, AFP reported.
The strait is a vital sea route through which about a fifth of the world’s oil and natural gas reserves are transported.
The ongoing conflict in the Middle East is causing what could become the biggest supply disruption in the history of the world oil market, according to the International Energy Agency. Iran’s pressure on regional supplies has forced oil producers in the Persian Gulf to cut production.
The agency said oil production fell by at least 8 million barrels a day.
The ongoing conflict in the Middle East could become the biggest supply disruption in the history of the global oil market.
Despite global disruptions, the government has taken a number of measures to ensure the country’s energy security.
Earlier, Chris Wright, the United States Secretary of Energy, said that the United States military is currently “not ready” to escort oil tankers through the strait as its resources are focused on operations targeting Iran.
(With input from agencies)
