Despite continued volatility in global crude oil markets amid escalating geopolitical tensions in West Asia, petrol and diesel prices in India remained unchanged on March 11, 2026, with retail fuel rates holding steady across major metropolitan cities.
International benchmark Brent crude recently surged past the $100-per-barrel mark for the first time since 2022, briefly rising above $114 a barrel as concerns over supply disruptions intensified amid the ongoing US–Iran conflict. However, the spike in global oil prices has not yet translated into changes in domestic retail fuel rates.
In Delhi, petrol continues to be priced at Rs 94.77 per litre, while diesel stands at Rs 87.67 per litre. Prices are higher in Mumbai, where petrol is retailing at Rs 103.49 per litre and diesel at around Rs 90.03 per litre.
Among 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.
Fuel prices in India are revised daily by Oil Marketing Companies (OMCs) based on movements in global crude oil prices and changes in foreign exchange rates. The three major OMCs responsible for fuel pricing and distribution in the country are Indian Oil Corporation (IOC), Bharat Petroleum Corporation Limited (BPCL), and Hindustan Petroleum Corporation Limited (HPCL).
Despite fluctuations in global crude oil markets, petrol and diesel prices in India have remained largely stable in recent 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.
However, global developments continue to be closely watched as they can eventually influence domestic fuel rates. Recent volatility in crude oil prices has been linked to geopolitical tensions in West Asia, including concerns around supply disruptions through the Strait of Hormuz, a key global oil transit route.
What affects petrol and diesel prices in India?
Retail fuel prices in the country are influenced by multiple factors. The most important driver is the price of crude oil in international markets, as crude oil is the primary raw material used to produce petrol and diesel.
The rupee-dollar exchange rate also plays a crucial role because India imports a significant portion of its crude oil requirements. A weaker rupee can increase the cost of imported crude, potentially pushing up fuel prices.
Taxes imposed by the central and state governments are another major component of petrol and diesel prices, which is why fuel rates vary from state to state. Transportation costs and demand-supply dynamics can also affect the final retail price of fuel.
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