Petrol and Diesel Prices Stabilize Amid Ongoing Middle East Tensions

India Fuel Prices Remain Stable Amid Global Volatility

On March 14, 2026, fuel prices across major Indian cities remained largely unchanged, defying ongoing geopolitical tensions in the Middle East. Despite volatility in global crude oil markets, domestic fuel prices have seen limited movement since May 2022, when the central government and several states cut excise duties and value-added taxes on fuel.

Petrol and Diesel Prices

• Delhi: Petrol is priced at Rs 94.77 per litre, while diesel stands at Rs 87.67 per litre.
• Mumbai: Petrol is retailing at Rs 103.49 per litre, while diesel is priced at Rs 90.03 per litre.

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In major metro cities, petrol prices remain above Rs 100 per litre in most locations, including Mumbai, Bengaluru, Hyderabad, and Kolkata, while diesel prices continue to remain below the Rs 100 mark in these cities.

Factors Influencing Fuel Prices

Retail fuel prices in India are influenced by several factors, including:

• Price of crude oil: The primary raw material used to produce petrol and diesel.
• Rupee-dollar exchange rate: A weaker rupee increases the cost of imported crude, impacting domestic fuel prices.
• Taxes: Imposed by the central and state governments, forming a major part of fuel prices.
• Transportation costs: Influence the final retail price paid by consumers.
• Demand–supply dynamics: Also impact the final retail price.

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

Oil Marketing Companies (OMCs)

The three major OMCs responsible for fuel pricing and distribution in the country are:

• Indian Oil Corporation (IOC)
• Bharat Petroleum Corporation Limited (BPCL)
• Hindustan Petroleum Corporation Limited (HPCL)

These companies revise fuel prices daily based on movements in global crude oil prices and changes in foreign exchange rates.