However, petrol and diesel rates in the country remained unchanged on March 21, as the global oil market remains volatile due to ongoing geopolitical tensions in the region.
State-run oil marketing companies (OMCs) have managed to maintain a status quo in retail fuel rates in the country in recent days, even as global crude oil rates have shown signs of volatility in recent days.
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Global volatility, but no change in retail fuel rates
Crude oil prices have been under pressure due to escalating tensions in West Asia, with Brent crude crossing the $100 per barrel mark earlier this week. The ongoing conflict involving the United States, Israel and Iran has contributed to uncertainty in global energy markets.
However, oil and gas rates in the country have remained unchanged, even as oil marketing companies have increased the rates of industrial diesel by as much as ₹22 and premium petrol by ₹2 in the recent past, as per earlier reports.
City-wise fuel prices on March 21
The latest fuel prices in major cities are as follows:
Delhi: Petrol ₹94.77/litre | Diesel ₹87.67/litre
Mumbai: Petrol ₹103.54/litre | Diesel ₹90.03/litre
Kolkata: Petrol ₹105.45/litre | Diesel ₹92.02/litre
Chennai: Petrol ₹100.84/litre | Diesel ₹92.39/litre
Hyderabad: Petrol ₹107.46/litre | Diesel ₹95.70/litre
Bengaluru: Petrol ₹102.96/litre | Diesel ₹90.99/litre
Lucknow: Petrol ₹94.69/litre | Diesel ₹87.81/litre
Ahmedabad: Petrol ₹94.49/litre | Diesel ₹90.17/litre
Fuel prices are revised daily at 6 am by OMCs.
What determines fuel prices in India
Fuel prices in India are influenced by multiple factors, including global crude oil prices, exchange rates and taxes imposed by central and state governments.
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The three major OMCs responsible for fuel pricing and distribution are Indian Oil Corporation (IOC), Bharat Petroleum Corporation Limited (BPCL) and Hindustan Petroleum Corporation Limited (HPCL).
Global cues: Possible easing of oil pressure
Global oil prices showed signs of easing after the United States indicated a possible relaxation of sanctions on Iranian oil supplies.
According to reports, US Treasury Secretary Scott Bessent said Washington may consider easing restrictions on Iranian oil already in transit to stabilise markets. Brent crude had earlier surged close to $119 per barrel before easing.
