Petrol and Diesel Prices March 5, 2026: Petrol and diesel prices in India remained largely flat on Thursday, March 6, even as crude oil prices rose sharply in global markets amid the US-Iran conflict in the Middle East.
Iran’s closure of the Strait of Hormuz has boosted oil prices. Brent climbed to $85 a barrel after jumping 12% in the first three days of the week.
However, petrol and diesel rates in India are not affected yet. Petrol price stagnated in Delhi today ₹94.77 per liter while diesel remained flat ₹87.67 per liter in the national capital, according to price announcements by state-run state oil companies.
Why do petrol and diesel prices fluctuate?
Gasoline and diesel prices are affected by a number of factors. One of them is the price of oil, which is the main driver of fuel prices. Oil is the main component of gasoline and diesel.
There are fears that gasoline prices will rise in the coming days if the Strait of Hormuz, an artery for global oil supplies, remains closed in the near future amid the US-Iran war.
The rupee to dollar exchange rate also affects the price of petrol and diesel in India as the country is heavily dependent on fuel imports. Another key factor for fuel price fluctuation is the taxes levied by the center and states. Different states impose different taxes on fuel prices, so the price fluctuates and varies from region to region.
Their prices are also affected by the cost of transporting gasoline and diesel. Another key factor that affects the prices of gasoline and diesel is the dynamics of supply and demand. When demand is greater but supply is less, gasoline and diesel prices can rise.
