The global oil market is experiencing significant volatility amid rising geopolitical tensions in the Middle East. Oil marketing companies released petrol and diesel prices this morning.
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Petrol Diesel LPG Price Today: Before leaving home, be sure to check the rates of petrol, diesel, and LPG cylinders. Because crude oil is on the rise again. Brent crude is once again approaching $100 per barrel. According to Bloomberg, Brent crude reached $102 this morning. Meanwhile, WTI was also at $95.21. Let us tell you that every $1 increase in crude increases India’s import bill by approximately $2 billion annually.
The global oil market is experiencing significant volatility amid rising geopolitical tensions in the Middle East. Oil prices fell more than 5 percent on Monday but have since rebounded. Iran has intensified attacks on the Gulf region’s energy infrastructure. A drone attack targeted the United Arab Emirates’ massive Shah natural gas field. This incident has further increased concerns in the global energy market, as the Gulf region is considered the world’s largest oil supply hub.
Strait of Hormuz Becomes a Focus of Global Concern
According to Bloomberg, US President Donald Trump has stated that the US is attempting to eliminate Iran’s ability to threaten international shipping through the Strait of Hormuz. This waterway is crucial for the global oil trade and traffic has been virtually paralyzed since the war began. Trump has also warned that the US could target Iran’s oil infrastructure on Kharg Island, although the energy infrastructure there has not been directly targeted yet.
Efforts to Maintain Oil Supply
The US administration has currently allowed Iran to continue exporting oil through the Strait of Hormuz. Meanwhile, in the Gulf region, the United Arab Emirates and Kuwait have reduced production. Saudi Arabia and the UAE are attempting to increase oil exports through alternative routes that do not rely on the Strait of Hormuz.
Historic Volatility in the Market
This is considered a highly volatile time for the oil market. Brent crude prices have rarely seen such high daily fluctuations. The International Energy Agency says the current situation in the Middle East could lead to the largest supply crisis in the history of the global oil market.
Will oil prices remain above $100?
Experts believe that crude oil prices are unlikely to remain above $100 for long. According to analysts, when oil becomes too expensive, demand begins to decline, putting pressure on prices. However, the Iran-US tensions and the Hormuz crisis currently create uncertainty in the market.
Petrol and Diesel Rates
Crude oil prices continue to rise. Despite this, India’s oil marketing companies have not increased petrol and diesel rates today. According to the rates released at 6 am on March 17th, the retail price of petrol at Indian Oil pumps in Delhi is ₹94.77 and diesel is ₹87.67 per liter.
Cities selling the cheapest petrol in India
Port Blair, Andaman and Nicobar Islands: ₹82.46 per liter
Itanagar, Arunachal Pradesh: ₹90.87 per liter
Silvassa, Dadra and Nagar Haveli: ₹92.37 per liter
Daman, Daman and Diu: ₹92.55 per liter
Haridwar, Uttarakhand: ₹92.78 per liter
Rudrapur, Uttarakhand: ₹92.94 per liter
Una, Himachal Pradesh: ₹93.27 per liter
Dehradun, Uttarakhand: ₹93.35 per liter
Nainital, Uttarakhand: ₹93.41 per liter
Source: Indian Oil
Cities selling the cheapest diesel in India
Port Blair, Andaman and Nicobar Islands: ₹78.05 per liter
Itanagar, Arunachal Pradesh: ₹80.38 per liter
Jammu, Jammu and Kashmir: ₹81.32 per liter
Samba, Jammu and Kashmir: ₹81.58 per liter
Kathua, Jammu and Kashmir: ₹81.97 per liter
Udhampur, Jammu and Kashmir: ₹82.15 per liter
Chandigarh: ₹82.44 per liter
Rajouri, Jammu and Kashmir: ₹82.64 per liter
Source: Indian Oil
The latest LPG rates in major cities across the country are as follows:
New Delhi – ₹913
Kolkata – ₹939
Mumbai – ₹912.50
Chennai – ₹928.50
Bengaluru – ₹915.50
Bhubaneswar – ₹939
Chandigarh – ₹862.50
Gurugram – ₹921.50
Hyderabad – ₹965
These rates are applicable for a 14.2 kg LPG cylinder for domestic use.
