- Petrol and diesel prices in India saw slight changes on March 11 as global crude oil prices rose amid Middle East tensions.
- Fuel rates vary across cities due to differences in state taxes and VAT.
- Cities like Hyderabad, Patna and Jaipur continue to record some of the highest petrol price
Petrol and diesel prices in India slightly changed on Monday, March 11, even as global crude oil prices surged to $83.90, up 0.54 per cent from the previous day amid rising tensions between the United States, Israel and Iran.
Among major Indian cities, Hyderabad, Patna and Jaipur continue to have some of the highest petrol prices, while Delhi and Ahmedabad remain relatively cheaper markets, mainly due to differences in state-level taxes.
In the national capital, petrol was priced at Rs 94.77 per litre, while diesel stood at Rs 87.67 per litre, according to the latest price notification issued by state-run oil marketing companies.
ALSO READ: Surge In Petrol, Diesel Prices Unlikely Despite Skyrocketing Crude Prices: Govt Sources
Petrol and Diesel Prices in Major Cities
Fuel prices vary across cities primarily because of differences in state taxes.
Delhi
Petrol: Rs 94.77
Diesel: Rs 87.67
Mumbai
Petrol: Rs 103.49
Diesel: Rs 90.03
Kolkata
Petrol: Rs 103.94
Diesel: Rs 92.02
Chennai
Petrol: Rs 100.80
Diesel: Rs 92.39
Hyderabad
Petrol: Rs 107.46
Diesel: Rs 95.70
Bengaluru
Petrol: Rs 102.92
Diesel: Rs 88.99
Pune
Petrol: Rs 104.04
Diesel: Rs 90.55
Lucknow
Petrol: Rs 94.69
Diesel: Rs 87.80
Jaipur
Petrol: Rs 104.72
Diesel: Rs 90.21
Ahmedabad
Petrol: Rs 94.48
Diesel: Rs 90.17
Patna
Petrol: Rs 105.18
Diesel: Rs 92.04
Oil prices surged past $100 a barrel as the crisis in the Middle East intensified, with major regional producers cutting output, the Strait of Hormuz remaining effectively shut, and the United States signaling the possibility of deeper military involvement, all of which have further destabilised global energy markets.
Brent crude fell to $86.71 a barrel, down 1.24 per cent from the previous day. Producers such as Kuwait and the United Arab Emirates have begun scaling back output as their storage facilities approach capacity with Hormuz still blocked. Iraq started curbing production earlier last week under similar pressure.
The conflict shows no sign of easing after US and Israeli strikes on Iran more than a week ago. With shipping halted through Hormuz, a narrow corridor that typically carries around a fifth of the world's oil, and energy infrastructure under attack, prices for both crude and natural gas have continued to soar.
ALSO READ: Strait Of Hormuz Closure: Fuel Crisis Hits Southeast Asia; Vietnam, Thailand Push WFH, Four-Day Week
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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