Petrol, Diesel Prices On 22 March: Check Fuel Rates In Your City Today - Delhi, Mumbai, Bengaluru, Others

(MENAFN- Live Mint) Petrol and diesel prices across major Indian cities remained largely unchanged on Sunday, 22 March.

Despite volatility in global oil markets due to the Middle East conflict and the consequent stoppage of maritime traffic through the crucial Strait of Hormuz, rates of petrol and diesel for regular customers have held steady in India.

The conflict in the Middle East, which has stretched past three weeks now, broke out on 28 February after the US and Israel carried out joint strikes against Iran, prompting Tehran to retaliate.

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Since then, the entire region has descended into chaos, with Gulf countries routinely dealing with missile and drone strikes from Tehran.

The Strait of Hormuz, a key waterway for global energy trade, has also seen an effective halt in maritime traffic, with Iran threatening strikes against transiting tankers.

Consequently, oil prices have soared globally, with the price of Brent Crude rising from around $72 on February 27 to $112 as of Friday.

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With rising prices piling pressure on margins, state-run oil marketing companies (OMCs) in India on Friday raised the price of industrial diesel and premium petrol.

Industrial diesel, which is sold in bulk to commercial establishments, saw its price hiked by ₹21.92 a litre-a 25% increase-while the price of premium petrol was raised by ₹2 a litre.

Regular petrol and diesel prices

However, the prices of regular petrol and diesel, which make up the bulk of daily sales at pumps, were left unchanged.

The three major OMCs in India - Indian Oil Corporation (IOC), Bharat Petroleum Corporation Limited (BPCL), and Hindustan Petroleum Corporation Limited (HPCL) - revise prices at 6 am every day to ensure rates align with international crude prices and currency exchange rate movements.

Below are petrol and diesel prices across major Indian cities on 22 March.

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There are several factors that influence petrol and diesel prices in India, with the most significant being the price of crude oil on international markets.

The rupee-dollar exchange rate also plays an important role in the pricing of petrol and diesel, given the fact that India imports a large share of its crude oil requirements: a weaker rupee can increase the cost of imported crude, pushing up fuel prices, or vice-versa.

A third factor is the taxes imposed by the Centre and state governments, which form a major component of petrol and diesel prices, and is responsible for fuel price variations across states.

Transport costs and demand-supply dynamics also influence the final prices of petrol and diesel.

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