Fuel Prices Unchanged as Ceasefire-Driven Crude Prices Hold Steady

Global Oil Prices Decline, But Fuel Rates in India Remain Unchanged

April 8, 2026

The easing of geopolitical tensions between the US and Iran has led to a significant correction in global oil prices, with Brent crude falling over 10 percent on reduced supply concerns. Despite this drop in global crude prices, retail petrol and diesel rates in India have not seen any immediate revisions. The three major oil marketing companies (OMCs) in India, Indian Oil Corporation (IOC), Bharat Petroleum Corporation Limited (BPCL), and Hindustan Petroleum Corporation Limited (HPCL), revise fuel prices daily to align with international crude prices and currency exchange rate movements.

In Delhi, petrol continues to be priced at Rs 94.77 per litre, while diesel stands at Rs 87.67 per litre. Prices remain higher in Mumbai, where petrol is retailing at Rs 103.49 per litre and diesel at around Rs 90.03 per litre. Petrol prices remain above Rs 100 per litre in most major metro cities, including Mumbai, Bengaluru, Hyderabad, and Kolkata, while diesel prices continue to remain below the Rs 100 mark in these cities.

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Comparison of Petrol and Diesel Prices Across Major Cities

Fuel prices in India are revised daily based on movements in global crude oil prices and changes in foreign exchange rates. Despite volatility in global crude oil markets, petrol and diesel prices in India have remained largely stable over the past few years. Retail fuel prices have seen limited movement since May 2022, when the central government and several states reduced excise duties and value-added taxes on fuel.

The price of crude oil in international markets is the primary driver of petrol and diesel prices in India, since crude is the primary raw material used to produce petrol and diesel. The rupee–dollar exchange rate also plays an important role because India imports a large portion of its crude oil requirement. A weaker rupee can increase the cost of imported crude, potentially pushing up fuel prices. Taxes imposed by the central and state governments also form a major component of petrol and diesel prices, which is why fuel rates vary from state to state. Transportation costs and demand–supply dynamics also influence the final retail price paid by consumers.

Read also: US-Iran Tensions Spark Uptick in Oil Prices Amid Global Market Decline