India Holds Steady At The Pump While Global Prices Race Ahead

The war in West Asia, triggered by U.S. and Israeli strikes on Iran on February 29, has entered its fourth week. With the Strait of Hormuz partially blocked, nearly 20% of global oil supply has been disrupted, causing volatility in international energy markets and pushing fuel costs higher worldwide.

Global Impact On Fuel Prices
Petrol prices have risen sharply across several countries:

• Pakistan: Petrol now costs over PKR 310 per litre, up from PKR 275 before the war.
• Sri Lanka: Prices surged to LKR 470 per litre, compared to LKR 420 earlier.
• China: Retail petrol averages CNY 9.2 per litre, up from CNY 8.5.
• Europe: Average petrol prices crossed €1.95 per litre, compared to €1.70 before the conflict.

India’s Position
Despite global volatility, India’s petrol and diesel prices remain unchanged as of March 26, 2026. Oil marketing companies have held rates steady, though LPG prices rose by ₹60 earlier this month. Analysts warn that prolonged conflict could eventually force adjustments in retail fuel prices.

Strategic Concerns
The surge in crude oil prices is expected to widen inflationary pressures globally. Countries are tapping into strategic reserves and exploring alternative energy sources, but prolonged disruption in West Asia could intensify shortages and economic strain.

Key Highlights

• Brent crude surged from $70 to $104 per barrel since February 29
• Pakistan petrol price: PKR 310/litre; Sri Lanka: LKR 470/litre
• China petrol price: CNY 9.2/litre; Europe: €1.95/litre average
• India keeps petrol and diesel prices steady despite global volatility
• LPG prices in India rose by ₹60 in March
• Prolonged conflict may worsen inflation and energy shortages globally

Sources: Mint, News18, Kaggle dataset, Global Oil Price Analysis