Fuel prices for petrol and diesel across India's leading cities stayed stable on March 14, despite an upward trend in global crude markets driven by escalating geopolitical tensions in West Asia and disturbances to maritime trade routes.
According to the latest figures, retail rates in Delhi, Mumbai, Chennai and Kolkata were unchanged, as oil marketing firms maintained existing prices even amid volatility in international crude benchmarks.
In the national capital, petrol is still selling at Rs 94.77 per litre, while diesel is priced at Rs 87.67 per litre. Rates are comparatively steeper in Mumbai, where petrol is being sold at Rs 103.54 per litre and diesel at about Rs 90.03 per litre.
Across most major metropolitan centres, including Bengaluru, Hyderabad and Kolkata, petrol prices continue to hover above the Rs 100-per-litre mark, whereas diesel remains priced below Rs 100.
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Retail fuel prices across India are revised each day by oil marketing companies, reflecting shifts in global crude oil benchmarks and variations in foreign exchange rates. The three principal firms involved in pricing and distributing fuel nationwide are Indian Oil Corporation (IOC), Bharat Petroleum Corporation Ltd. (BPCL) and Hindustan Petroleum Corporation Ltd. (HPCL).
Oil prices worldwide have experienced significant volatility recently amid the escalating conflict in the Middle East between Iran, Israel and the United States. The developments have heightened concerns over the security of supplies passing through the Strait of Hormuz, a crucial energy corridor that carries nearly one-fifth of the world's oil supply.
Several factors determine the retail price of fuel in India. Chief among them is the cost of crude oil in global markets, as crude serves as the main raw material used in the production of petrol and diesel.
Movements in the rupee–dollar exchange rate also carry significant weight, given that India relies heavily on imported crude. When the rupee weakens against the dollar, the cost of bringing in crude rises, which can ultimately feed into higher domestic fuel prices.
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