Petrol, Diesel Prices Today, March 5: Check City-Wise Rates In Delhi, Mumbai, Bengaluru And Other Major Indian Cities

Petrol and diesel prices in India remain unchanged on Thursday, March 5, even as global crude oil prices surge amid escalating tensions in West Asia.

The sharp rise in crude prices comes after military strikes by Israel and the United States on Iran, raising fears of potential supply disruptions in one of the world’s most critical oil-producing regions.

While fuel prices across major Indian cities have not seen immediate revisions, experts warn that prolonged volatility in global crude markets could eventually impact retail fuel rates in the country.

Petrol and Diesel Prices in Major Indian Cities Today

According to the latest update, fuel prices across major cities continue to remain stable. Here are the latest petrol and diesel rates

Fuel prices vary across cities due to differences in state-level taxes and transportation costs.

Why Rising Crude Oil Prices Matter for India

India imports nearly 88 per cent of its crude oil requirement, making the country highly sensitive to fluctuations in international oil markets. Crude oil is refined into fuels such as petrol and diesel, meaning any sustained rise in global prices can directly affect India’s fuel costs.

If international crude prices remain elevated for a prolonged period, India’s import bill could increase significantly. This may also put pressure on inflation and the broader economy.

Strait of Hormuz Under Global Watch

The escalating conflict has also drawn attention to the Strait of Hormuz, a crucial maritime corridor through which nearly half of India’s oil imports pass.

Iran has warned that vessels moving through the strait could face attacks if tensions escalate further. Any disruption in this strategic route could significantly impact global oil supply and shipping.

India currently holds around 100 million barrels of crude oil reserves, stored at strategic facilities in Mangaluru, Padur, and Visakhapatnam to deal with emergencies.

Oil shipments that have already crossed the Strait of Hormuz are expected to reach India, helping meet domestic demand for the next 40 to 45 days.

How Fuel Prices Are Decided in India

Petrol and diesel prices in India have largely remained unchanged since May 2022, when the government reduced excise duties to ease inflationary pressure.

Fuel prices are updated daily at 6 am by Oil Marketing Companies (OMCs), including Indian Oil Corporation, Bharat Petroleum, and Hindustan Petroleum.

However, the final retail price is influenced by several factors:

• Global crude oil prices

• The rupee–US dollar exchange rate

• Central and state taxes

• Refining and transportation costs

Will Petrol and Diesel Prices Rise Soon?

With global crude oil benchmarks climbing due to geopolitical tensions in West Asia, concerns are growing among consumers about a possible rise in petrol and diesel prices.

Energy experts say the situation remains uncertain. If crude prices remain elevated for a long period or supply disruptions worsen, domestic fuel prices in India could eventually face upward pressure.

For now, however, petrol and diesel rates across major cities continue to remain unchanged.

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