Petrol, diesel prices on 31 March: Check fuel rates in your city today — Delhi, Mumbai, Bengaluru, Kolkata, others
Crude oil prices have risen dramatically since the US and Israel attacked Iran on 28 February, sparking a stop to trade through the Strait of Hormuz. However, despite the supply crunch, India has managed to maintain stable price levels. Check petrol & diesel rates in your city on Tuesday, 31 March.
Petrol and diesel prices remained largely unchanged across major Indian cities, despite a global energy crisis precipitated by the effective shutdown of trade through the crucial Strait of Hormuz.
Since the US and Israel attacked Iran on 28 February, oil prices have risen dramatically, with the Brent crude benchmark rising more than 50% in this period and touching $116 on Monday.
While Iran has granted exemptions to certain ‘friendly’ countries — including India, China, Russia and Pakistan, among others — volatility persists in the international oil market, especially amid uncertainty about the direction and duration of the ongoing war in the Middle East.
Despite the war running for over one month, and in spite of Donald Trump's repeated assertions of victory in one way or another, the conflict in the Middle East seems far from over: over the weekend, Yemen's Houthis joined the war, posing even more potential threats to global trade. Further, despite Trump's claims of productive negotiations, Tehran remains adamant and has publicly denied talks with Washington.
On Tuesday, reports also suggested that Trump was considering ending the military campaign against Iran without reopening the Strait of Hormuz, and it remains to be seen how such a decision, if taken, would impact oil markets.
Excise duty slashed, industrial diesel price hiked
Against this backdrop, the Indian government last week cut excise duties on petrol and diesel, after earlier hiking the price of industrial diesel and premium petrol.
Last week, the Centre cut excise duty on petrol by ₹3 a litre and exempted diesel entirely from the levy in a bid to provide relief to state-run oil marketing companies (OMCs), who have been facing pressure on their margins amid rising global crude oil prices.
Earlier in March, the government also raised the price of industrial diesel, sold in bulk to commercial establishments, by ₹21.92 a litre, a 25% increase. At the same time, the price of premium petrol was raised by ₹2 a litre.
Regular petrol and diesel prices
OMCs revise prices every morning at 6 AM, but despite the aforementioned changes, the prices of regular petrol and diesel, which make up the bulk of daily pump sales, remain largely unchanged.
Below are petrol and diesel prices across major Indian cities on Tuesday, 31 March.
| City | Petrol ( ₹ /L) | Diesel ( ₹ /L) |
|---|---|---|
| Delhi | ₹94.77 | ₹87.67 |
| Mumbai | ₹103.54 | ₹90.03 |
| Kolkata | ₹105.45 | ₹92.02 |
| Chennai | ₹100.84 | ₹92.39 |
| Hyderabad | ₹107.46 | ₹95.70 |
| Bengaluru | ₹102.96 | ₹90.99 |
| Lucknow | ₹94.69 | ₹87.81 |
| Ahmedabad | ₹94.49 | ₹90.17 |
Factors affecting petrol and diesel prices in India
There are many factors that influence the prices of petrol and diesel in India, with the most significant being the price of crude oil on international markets.
The rupee-dollar exchange rate also plays a crucial role in determining the prices of petrol and diesel, given that India imports a large share of its crude oil. Simply put, a weaker rupee can increase the cost of imported crude, pushing up domestic fuel prices, or vice versa.
Another factor is the taxes imposed by the Centre and state governments, which form a major component of petrol and diesel prices and are responsible for variations in fuel prices across states.
Demand-supply dynamics and logistical costs also influence the final prices of petrol and diesel in India.