Retail fuel prices in India were unchanged amid continued volatility in global oil prices, driven by tensions in the Middle East. In Delhi, fuel and gas rates continue to remain stable following the recent revision of LPG prices earlier this month.
Despite volatility in international oil markets due to geopolitical developments, fuel prices in major Indian metro cities have remained flat for several months.
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The three primary oil marketing companies (OMCs) in India responsible for fuel pricing and distribution are Indian Oil Corporation (IOC), Bharat Petroleum Corporation Limited (BPCL) and Hindustan Petroleum Corporation Limited (HPCL).
Petrol and diesel prices are updated daily at 6:00 a.m., allowing these OMCs to keep domestic fuel rates in line with global oil prices and exchange rate fluctuations.
Fuel prices today, March 26: See the table
CityPetrol ( ₹/L)Diesel ( ₹/L) New Delhi ₹94.77 ₹87.67 Calcutta ₹105.45 ₹92.02 Mumbai ₹103.54 ₹90.03 chennai ₹100.84 ₹92.39 Bengaluru ₹102 ₹91.20 Ahmedabad ₹94.89 ₹90.30
International oil prices – an overview
International oil prices have fallen slightly but remain high at around $100 per barrel.
-Brent Crude is trading between $95.56 and $103.18 a barrel, showing some cooling after recent diplomatic developments.
WTI crude is trading between $90.83 and $91.29 a barrel, down more than 10% from its recent peak.
-The Indian basket is at $157.04 per barrel, reflecting a significant risk premium for regional supplies.
There is no shortage of petrol, diesel or LPG in the country, says the government
The government on Wednesday said there was no shortage of petrol, diesel or LPG in the country and advised people not to fall for rumors on social media or go into panic buying.
However, LPG supplies continue to face disruptions due to the situation in the Strait of Hormuz. In a media briefing, Sujata Sharma, Joint Secretary, Ministry of Petroleum and Natural Gas, said all refineries were operating at high capacity with “adequate crude stocks”, while “adequate stocks of petrol and diesel are maintained” and retail outlets were operating normally across the country.
“Don’t believe the rumours. We have sufficient stock of fuel and the government is making all efforts to get it to the consumers,” she said, according to a PTI report.
Disruption of oil, LPG?
Despite the disruption to oil, LNG and LPG supply chains caused by the conflict in West Asia, India has managed to maintain sufficient oil reserves by diversifying its sources to regions such as West Africa, Latin America and the United States.
However, the impact on LNG was more pronounced. Damage to facilities in Qatar, India’s biggest LNG supplier, led authorities to prioritize supplies for domestic consumption and CNG, while limiting allocations to industrial users such as fertilizer plants.
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LPG has been the most affected as India depends on imports for about 60% of its demand, a large part of which comes from the Gulf countries, which are now facing supply shortages. In response, the government prioritized the distribution of LPG for domestic use and cut supplies to commercial establishments such as hotels and restaurants by at least half.
(With input from agencies)
Key things
- Fuel prices in India are updated daily and reflect global market trends.
- The government has prioritized distribution of LPG to households during supply disruptions.
- India is diversifying its oil sources to maintain stability despite geopolitical tensions.
