Petrol and diesel prices in India remained largely unchanged on Thursday, March 12, even as global oil prices surged sharply after two tankers were attacked in Iraqi waters, forcing the country to suspend operations at its oil terminals and intensifying concerns about supply disruptions in an already volatile Middle East.
Among major Indian cities, Hyderabad and Patna continue to have some of the highest petrol prices, while Delhi and Lucknow 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.
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 103.54
Diesel: Rs 90.03
Kolkata
Petrol: Rs 105.41
Diesel: Rs 92.02
Chennai
Petrol: Rs 100.93
Diesel: Rs 92.48
Hyderabad
Petrol: Rs 107.50
Diesel: Rs 95.70
Bengaluru
Petrol: Rs 102.92
Diesel: Rs 90.99
Pune
Petrol: Rs 103.91
Diesel: Rs 90.57
Lucknow
Petrol: Rs 95.48
Diesel: Rs 88.64
Jaipur
Petrol: Rs 104.72
Diesel: Rs 90.21
Ahmedabad
Petrol: Rs 94.54
Diesel: Rs 90.30
Patna
Petrol: Rs 105.47
Diesel: Rs 91.82
ALSO READ: Brent Crude Surges Toward $100 as Iraq Halts Port Operations After Tanker Attacks
Global Oil Prices
Brent crude climbed as much as 7.9% to $99.24 a barrel, while West Texas Intermediate (WTI) surged close to $94, as traders reacted to the heightened geopolitical risk and the potential impact on global supply.
Iraq's state oil marketer, the State Organization for Marketing of Oil (SOMO), confirmed that two vessels — the Marshall Islands-flagged Safesea Vishnu and the Malta-flagged Zefyros — were targeted while in the loading zone near Iraqi ports.
Following the attack, Iraqi authorities halted activity at the country's oil terminals, further tightening supply concerns.
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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