Petrol, Diesel Prices On 31 March: Check Fuel Rates In Your City Today - Delhi, Mumbai, Bengaluru, Kolkata, Others

(MENAFN- Live Mint) 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 given the uncertainty surrounding the direction and duration of the ongoing war in the Middle East.

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Despite the war having crossed the one-month mark, 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 the Strait of Hormuz reopening, and it remains to be seen how such a decision, if taken, would impact oil markets.

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Against this backdrop, the Indian government last week cut excise duty on petrol and diesel, having hiked the price of industrial diesel and premium petrol earlier.

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 had also raised the price of industrial diesel, which is sold in bulk to commercial establishments, by ₹21.92 a litre, a considerable 25% increase. At the same time, the price of premium petrol was raised by ₹2 a litre.

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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 sales at pumps, remain largely unchanged.

Below are petrol and diesel prices across major Indian cities on Tuesday, 31 March.

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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 an crucial role in determining the price of petrol and diesel, given the fact that India imports a large share of its crude oil needs. 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 is responsible for fuel price variations across states.

Demand-supply dynamics and logistical costs also influence the final prices of petrol and diesel in India.

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