No Immediate Petrol or Diesel Price Hike in India: Government Source
The Indian government has assured citizens that there will be no immediate increase in retail prices of petrol and diesel, despite sharp rises in global crude oil prices triggered by the ongoing conflict in the Middle East involving the US, Israel, and Iran.
Government sources confirmed that retail fuel rates will remain stable in the short term. This decision comes as Brent crude has surged, crossing $80 per barrel and even approaching or exceeding $90 in recent sessions due to supply disruption fears, including pressures on the Strait of Hormuz, a critical chokepoint for global oil shipments.
Several factors are enabling this price stability. India has diversified its crude sourcing, with increased imports from Russia and other non-Middle East suppliers to offset regional risks. Domestic inventories remain adequate, reportedly around 25 days of crude and petroleum products, providing a buffer against short-term disruptions. State-run oil marketing companies such as Indian Oil, Bharat Petroleum, and Hindustan Petroleum are following a calibrated pricing policy. These firms built up margins during periods of lower global prices and are now absorbing some of the current volatility to shield consumers.
Retail prices across major cities have shown no changes amid the crisis and have remained largely stable since early 2026. As of March 6-7, 2026, petrol in Delhi stands at Rs.94.77 per litre and diesel at Rs.87.67 per litre. In Mumbai, petrol is priced at Rs.103.49–103.54 per litre and diesel at Rs.90.03 per litre. Kolkata sees petrol at Rs.105.41–105.45 per litre and diesel around Rs.92 per litre. In Chennai, petrol ranges from Rs.100.80–101.06 per litre and diesel from Rs.92.39–92.61 per litre.
The Ministry of Petroleum and Natural Gas has emphasized close monitoring of the situation, with measures in place to ensure energy security and affordable supplies. Officials have ruled out any immediate price adjustments. However, experts warn that a prolonged conflict could eventually pressure India’s import bill, inflation, and current account, potentially leading to future revisions if volatility persists.
Consumers have been advised not to panic. The government has highlighted contingency plans that include alternative import routes and strategic reserves.
