Petrol and diesel prices in several Indian cities remained almost unchanged on Tuesday, March 17.
Gasoline and diesel rates are holding steady in India even as global oil markets see volatility due to tensions linked to the Middle East conflict, the effective shutdown of trade through the Strait of Hormuz and related concerns about supply disruptions.
India’s three major oil marketing companies (OMCs) – Indian Oil Corporation (IOC), Bharat Petroleum Corporation Limited (BPCL) and Hindustan Petroleum Corporation Limited (HPCL) – revise prices every day at 6 am to ensure rates are in line with international oil prices and exchange rate movements.
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Below are the petrol and diesel prices in major Indian cities on March 17.
CityGasoline ( ₹ /L)Diesel ( ₹ /L)Delhi ₹94.77 ₹87.67 Bombay ₹103.54 ₹90.03 Calcutta ₹105.45 ₹92.02 Chennai ₹100.80 ₹92.39 Hyderabad ₹107.50 ₹95.70 Bengaluru ₹102.99 ₹91.06 Luck ₹94.69 ₹87.81 Ahmedabad ₹94.49 ₹90.17
India remains energy secure, Trump calls for boost
The conflict in the Middle East erupted after the US and Israel launched joint strikes against Iran on February 28 as part of Operation Epic Fury, prompting Tehran to retaliate and sparking a regional conflict that has damaged the Gulf states.
The Strait of Hormuz, a key waterway for global energy trade, has also seen an effective shutdown of maritime traffic, with Iran threatening strikes against tankers passing through.
With global energy prices soaring, US President Donald Trump over the weekend called on the beneficiaries of trade through the Strait of Hormuz to form a coalition and engage in a “team effort” to escort ships through the disputed waterway.
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India, however, maintains that it has sufficient power supplies despite major supply cuts, with Union Petroleum and Natural Gas Minister Hardeep Singh Puri assuring Parliament of the country’s energy security on March 13.
In his statement in the Lok Sabha, Puri said that the central government has taken several measures to protect India’s energy security and ensure uninterrupted availability of petroleum products, cooking gas and natural gas.
However, several major Indian cities, including Mumbai, Bengaluru, Chennai and Kolkata, reported widespread disruption of commercial LPG supplies, which hit the hospitality sector hard.
In response, the Center on Saturday said it has resumed distribution of commercial LPG cylinders in all states and Union Territories (UTs).
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What Affects Petrol and Diesel Prices in India?
Petrol and diesel prices in India are affected by many factors, the most significant of which is the price of crude oil in the international markets.
The rupee-to-dollar exchange rate also plays an important role in setting diesel prices, given that India imports a large portion of its oil requirements: a weaker rupee can increase the price of imported oil, push up fuel prices, or vice versa.
The third factor is taxes imposed by the Center and state governments, which form a major component of petrol and diesel prices and are responsible for fuel price fluctuations between states.
The final prices of gasoline and diesel are also affected by transportation costs and the dynamics of demand and supply.
