Petrol and Diesel Prices Remain Steady on March 19 Despite Crude Prices Crossing $108 per Barrel

Petrol and diesel prices were unchanged across all the major cities of the country on March 19, despite the crude oil prices increasing sharply, crossing the $108 per barrel mark, as per the data from the oil companies, as well as the reports from the news agency, AP. 

Invest in Indian Markets and Unlock Future Potential With 5paisa!

Open Account Now

Brent crude oil prices have increased by almost 50% since the conflict started, owing to supply concerns. The surge follows continued tensions in the region, including disruptions linked to the Strait of Hormuz, which handles about 20% of global oil flows, as reported by AP.

Fuel Prices Across Major Cities

Fuel rates across metros and key cities showed no change on March 19. In Delhi, petrol was priced at ₹94.77 per litre and diesel at ₹87.67 per litre. Mumbai recorded petrol at ₹103.54 per litre and diesel at ₹90.03 per litre. In Kolkata, petrol stood at ₹105.45 per litre and diesel at ₹92.02 per litre, while Chennai saw petrol at ₹100.80 per litre and diesel at ₹92.39 per litre. 

Bengaluru reported petrol prices at ₹102.99 per litre and diesel at ₹91.06 per litre. Among other cities, Hyderabad recorded petrol at ₹107.50 per litre and diesel at ₹95.70 per litre, while Gurgaon stood at ₹95.85 per litre for petrol and ₹88.30 per litre for diesel.

The official figures state that the average price for Petrol is still ₹94.77/litre, while diesel costs ₹87.67/litre. The price for compressed natural gas, provided by Indraprastha Gas Limited, is quoted at ₹77.09/kg.

Global Developments Impacting Oil Prices

Oil prices have surged significantly due to the rise in tensions in the Middle East. Iran has reportedly fired multiple-warhead missiles at Israel, as per reports from the AP news agency, which has heightened geopolitical tensions and supply route concerns. 

The Hormuz Strait is a vital waterway, and any disruptions in the area impact insurance coverage as well.

Government Measures On Gas Adoption

India's Ministry of Petroleum and Natural Gas has taken steps to increase the use of Piped Natural Gas (PNG) and city gas. The Ministry of Petroleum and Natural Gas has asked city gas companies to speed up their efforts to reach out to consumers, including commercial LPG users, to use PNG. The steps have been taken as per official statements.

Fuel prices have been stable despite the volatile crude oil prices. The authorities have been keeping a close eye on the fuel prices and their availability.