Petrol And Diesel Prices Hold Steady On March 23 Amid Global Oil Surge

Petrol and diesel prices have continued to hold steady across major Indian cities, even as global crude oil prices have increased further with Brent crude oil prices touching $107.11 per barrel as a result of disruptions in the Middle East region, according to a Reuters report.

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

Open Account Now

State-run oil marketing companies like Indian Oil Corporation, Bharat Petroleum Corporation Limited, and Hindustan Petroleum Corporation Limited have continued to maintain stable retail prices of petrol and diesel. The prices of petrol and diesel are revised at 6 am daily.

City-Wise Fuel Prices

Fuel rates across key cities remained unchanged on March 23. 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 reported petrol at ₹100.84 per litre and diesel at ₹92.39 per litre.

Among other cities, Hyderabad saw petrol at ₹107.46 per litre and diesel at ₹95.70 per litre. Bengaluru recorded petrol at ₹102.96 per litre and diesel at ₹90.99 per litre. In Lucknow, petrol was ₹94.69 per litre and diesel ₹87.81 per litre, while Ahmedabad reported petrol at ₹94.49 per litre and diesel at ₹90.17 per litre.

Premium And Industrial Fuel Prices Increased

Despite stable retail prices, oil companies increased the price of premium petrol by about ₹2 per litre on March 20. Industrial diesel prices were also raised by ₹21.92 per litre, marking a 25% increase, as per industry data.

The changes came as global oil prices have been rising due to supply disruptions resulting from the ongoing conflict in the Middle East, which started on February 28 as a result of joint military actions by the U.S. and Israel against Iran, according to Reuters. This has affected maritime trade passing through the Strait of Hormuz.

Global Oil Prices And Market Impact

Brent crude oil prices have risen from an average of $70 per barrel in late February to over $107 per barrel in March, showing the growing volatility of oil prices worldwide, according to data from financial information services provider Reuters.

Retail prices of fuels have remained steady, while some categories of fuels such as premium petrol and industrial diesel have been subject to revisions.

Prices of fuels are fixed on the basis of a number of factors, which include crude oil prices, rupee-dollar exchange rates, and taxes imposed by the Centre as well as the states.

Prices of petrol and diesel remain constant even as oil prices across the globe remain volatile, as prices remain constant in all cities on March 23.