Petrol and diesel prices across major Indian cities remained unchanged on March 23, even as global crude oil benchmarks edged higher amid rising geopolitical tensions in West Asia and disruptions to key maritime trade corridors. The ongoing Middle East conflict—now entering its fourth week—began on February 28 after joint US‑Israel airstrikes on Iran, which triggered retaliatory action from Tehran and pushed the region into renewed turmoil.
The bulk rate for industrial diesel supplied to commercial users has been increased by Rs 21.92 per litre — about a 25% jump — while premium petrol prices have gone up by Rs 2 per litre.
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. With state elections approaching, the government may prefer to keep auto fuels under control.
| City | Petrol (Rs/Litre) | Diesel (Rs/Litre) |
|---|---|---|
| Delhi | 94.77 | 87.67 |
| Mumbai | 103.54 | 90.03 |
| Kolkata | 105.45 | 92.02 |
| Chennai | 100.84 | 92.39 |
| Ahmedabad | 94.49 | 90.16 |
| Hyderabad | 107.46 | 95.70 |
| Patna | 105.71 | 91.49 |
| Bengaluru | 102.96 | 90.99 |
| Lucknow | 95.34 | 88.50 |
ALSO READ: Brent Crude Holds Steady At $112 As Hormuz Tensions Escalate With Trump's Ultimatum
Global Oil Prices
Oil prices showed limited movement despite heightened geopolitical rhetoric, as traders weighed fresh threats around the Strait of Hormuz. Brent crude hovered just below $112 per barrel, while US benchmark WTI remained near $98, reflecting a market that is alert-but not panicked.
US President Donald Trump's warning to Iran-to reopen the vital shipping route within 48 hours or face strikes on energy infrastructure-failed to trigger a sharp rally. Tehran's response, threatening broader regional attacks, added to tensions but did little to shift price direction in the immediate term.
Crude prices have surged roughly 50% since the conflict began, driven by fears of prolonged disruption.
India, meanwhile, has asserted that its energy requirements remain well-secured despite significant disruptions in global supply chains. On 13 March, Union Petroleum and Natural Gas Minister Hardeep Singh Puri informed Parliament that the nation's energy security remains intact.
Domestic LPG prices were increased by Rs 60 on March 7, 2026, raising the cost of a 14.2‑kg cylinder in Delhi from Rs 853 to Rs 913. Commercial LPG cylinders also saw a significant hike, now priced at approximately Rs 1,884.50 in the capital.
What Drives Petrol and Diesel Prices?
Fuel prices in India depend on several factors, with global crude oil prices being the most significant as crude is the primary raw material used to produce petrol and diesel.
The rupee–dollar exchange rate also influences fuel prices since India imports a large portion of its crude oil requirements.
Additionally, central excise duty and state-level VAT significantly affect the final retail price of petrol and diesel, which is why rates differ across cities.
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