Indian Fuel Prices Remain Unchanged Amid Global Volatility

On March 24, 2026, fuel rates across major Indian cities remained largely unchanged despite global crude oil prices showing signs of cooling. International oil markets experienced volatility following recent comments from the US indicating ongoing discussions with Iran, which helped ease concerns over potential supply disruptions. As a result, Brent crude briefly slipped below the $100-per-barrel mark before moving back above $103.

Retail fuel rates in India have not seen any immediate revisions, with petrol and diesel prices continuing to hold steady across key cities. The three major oil marketing companies (OMCs) - 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.

Current Fuel Prices

Read also: Treasury Yields Experience Largest Increase in Two Weeks Following Release of Labor Market Data

• Delhi: Petrol - Rs 94.77 per litre, Diesel - Rs 87.67 per litre
• Mumbai: Petrol - Rs 103.49 per litre, Diesel - Rs 90.03 per litre

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, with limited movement since May 2022.

Factors Influencing Fuel Prices in India

• Crude oil price in international markets
• Rupee-dollar exchange rate, as India imports a large portion of its crude oil requirement
• Taxes imposed by the central and state governments
• Transportation costs and demand-supply dynamics

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