
Petrol and diesel prices in several Indian cities saw marginal changes on Friday, 13 March, though rates largely remained stable after one of the most turbulent trading weeks in global oil markets in recent years.
Among the 11 major Indian cities, Hyderabad, Kolkata and Patna continue to record some of the highest petrol prices. In contrast, Delhi, Ahmedabad and Lucknow remain relatively cheaper due to differences in state-level taxes. For diesel, Hyderabad, Kolkata and Chennai have the highest rates, while Delhi, Lucknow and Mumbai are among the cheaper markets.
The global oil benchmark Brent crude was trading around $100 per barrel on Friday after a sharp two-day rally, as Iran’s new Supreme Leader Mojtaba Khamenei pledged to keep the Strait of Hormuz effectively shut. Notably, the Strait of Hormuz is a narrow shipping route between Iran and the Arabian Peninsula that serves as one of the world’s most critical energy corridors. It handles a substantial share of global oil and liquefied natural gas exports.
| City | Petrol (Rs) | Diesel (Rs) |
|---|---|---|
| Delhi | 94.77 | 87.67 |
| Mumbai | 103.5 | 90.03 |
| Kolkata | 105.41 | 92.02 |
| Chennai | 100.9 | 92.48 |
| Hyderabad | 107.5 | 95.7 |
| Bengaluru | 102.96 | 90.99 |
| Pune | 104.04 | 90.57 |
| Lucknow | 95.48 | 88.64 |
| Jaipur | 104.72 | 90.21 |
| Ahmedabad | 94.49 | 90.21 |
| Patna | 105.47 | 91.49 |
According to traders, the Reserve Bank of India (RBI) is likely selling US dollars to cushion the rupee from the impact of rising crude oil prices, Reuters reported. On Friday, the rupee opened at an all-time low, falling 12 paise to 92.37 against the US dollar in early trade. It is likely to remain under pressure today, with oil prices emerging as the dominant factor shaping sentiment across markets, including foreign exchange, bonds and equities.
The central bank has been smoothing the rupee’s downside since the conflict began, intervening periodically in the market, Reuters reported, citing traders. The RBI’s sharp currency moves are expected to continue as energy prices remain volatile and foreign investors continue to pull money out of local stocks amid uncertainty caused by the ongoing Middle East conflict.
"Oil prices remained elevated after Iran said the Strait of Hormuz is closed permanently till the resolution of the crisis. The dollar index also rose, European and Asian currencies all fell against the dollar," PTI quoted Head of Treasury and Executive Director, Finrex Treasury Advisors LLP, Anil Kumar Bhansali, as saying.
Meanwhile, the Sensex fell 560.06 points, or 0.74%, to 75,474.36, while the Nifty plunged 184.45 points, or 0.78%, to 23,454.70. According to exchange data, foreign institutional investors sold equities worth ₹7,049.87 crore on a net basis on 12 March, reflecting growing market anxiety amid escalating geopolitical tensions in the Middle East.