Petrol, diesel prices today: Check fuel rates amid market turmoil

pp

• Fuel prices steady in major Indian cities
• Delhi petrol at Rs 94.77/litre, Mumbai at Rs 103.49/litre
• Fuel prices steady despite costly crude, market volatility

Did our AI summary help?

Petrol and diesel prices on March 23, 2026: Fuel rates across major Indian cities remained largely unchanged on Monday, even as financial markets saw a sharp sell-off and global crude oil prices stayed elevated amid ongoing geopolitical tensions.

Benchmark indices opened the week deep in the red, with the Sensex falling over 1,600 points (around 2.1 percent) and the Nifty dropping more than 2.2 percent in early trade on Monday. The decline reflects a broader risk-off sentiment across global markets amid escalating US-Iran tensions, which have also kept crude oil prices elevated.

Despite the sharp market fall and continued volatility in global oil prices, retail fuel 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. However, despite recent developments, fuel rates have remained steady.

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.

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 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.

What affects petrol and diesel prices in India?

Retail fuel prices in the country are influenced by several factors. The most significant driver is the price of crude oil in international markets, 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.