Petrol, Diesel Prices on March 31: Check Fuel Rates in Your City Today
Crude Oil Rally Fails to Impact Domestic Fuel Prices
Petrol and diesel prices across major Indian cities remained largely unchanged on Tuesday, March 31, even as global crude oil markets witnessed sharp volatility amid escalating geopolitical tensions.Crude oil prices have surged significantly since the United States and Israel launched attacks on Iran on February 28, leading to a disruption of trade through the Strait of Hormuz. The benchmark Brent crude has risen more than 50 percent during this period, touching $116 on Monday.
Despite the global supply crunch and rising energy prices, India has managed to maintain stable retail fuel prices so far.
Middle East Conflict Continues to Drive Market Uncertainty
The ongoing conflict in the Middle East has now extended beyond a month, with no clear resolution in sight. Recent developments indicate further escalation, as Yemen’s Houthis have joined the conflict, raising additional concerns over global trade routes.While Iran has provided exemptions to certain countries, including India, China, Russia, and Pakistan, volatility in the oil market persists. Uncertainty remains high regarding the duration and direction of the conflict.
Reports on Tuesday also suggested that Donald Trump was considering ending the military campaign against Iran without reopening the Strait of Hormuz, a move that could further influence global oil dynamics.
Government Adjusts Duties to Support Oil Companies
Amid rising crude prices, the Indian government has taken measures to support state-run oil marketing companies.Last week, the Centre reduced excise duty on petrol by ₹3 per litre and removed excise duty on diesel. These steps were aimed at easing pressure on oil companies facing margin constraints due to elevated crude prices.
Earlier in March, the government had increased the price of industrial diesel by ₹21.92 per litre, marking a 25 percent hike. Premium petrol prices were also raised by ₹2 per litre.
Petrol and Diesel Prices in Major Cities on March 31
Oil marketing companies revise fuel prices daily at 6 am. However, regular petrol and diesel prices have remained stable despite recent policy changes.Here are the latest fuel prices across key Indian cities:
- Delhi: Petrol ₹94.77 | Diesel ₹87.67
- Mumbai: Petrol ₹103.54 | Diesel ₹90.03
- Kolkata: Petrol ₹105.45 | Diesel ₹92.02
- Chennai: Petrol ₹100.84 | Diesel ₹92.39
- Hyderabad: Petrol ₹107.46 | Diesel ₹95.70
- Bengaluru: Petrol ₹102.96 | Diesel ₹90.99
- Lucknow: Petrol ₹94.69 | Diesel ₹87.81
- Ahmedabad: Petrol ₹94.49 | Diesel ₹90.17
Key Factors Influencing Fuel Prices in India
Fuel prices in India are determined by several key factors, with international crude oil prices playing the most significant role.The rupee to US dollar exchange rate is another critical component, as India relies heavily on crude oil imports. A weaker rupee increases import costs, which can push domestic fuel prices higher.
Additionally, central and state taxes form a substantial portion of retail fuel prices, leading to variations across different states.
Demand and supply conditions, along with logistical and distribution costs, also contribute to the final pricing of petrol and diesel in the country.
Disclaimer: Due care and diligence have been taken in compiling and presenting news and market-related content. However, errors or omissions may arise despite such efforts.
The information provided is for general informational purposes only and does not constitute investment advice, a recommendation, or an offer to buy or sell any securities. Readers are advised to rely on their own assessment and judgment and consult appropriate financial advisers, if required, before taking any investment-related decisions.