Crude Oil Climbs, But India’s Fuel Rates Stay Steady

Retail fuel prices across India’s major metropolitan cities stayed steady on Tuesday, March 3, 2026, even as global crude oil markets surged due to geopolitical escalations in the Middle East. Brent crude prices approached $78–80 per barrel, yet domestic OMCs opted not to pass on the volatility to consumers.

Key Highlights

• Global Context: Crude oil prices surged amid Middle East tensions, nearing $80 per barrel.
• Stable Domestic Rates: Petrol and diesel prices unchanged across India despite global rise.

City-Wise Prices (₹/L):

• New Delhi: Petrol 94.72  Diesel 87.62
• Mumbai: Petrol 104.21  Diesel 92.15
• Chennai: Petrol 100.75  Diesel 92.34
• Kolkata: Petrol 103.94  Diesel 90.76
   
• OMC Strategy: Daily price revisions continue at 6 AM, ensuring transparency and alignment with global benchmarks.
• Consumer Relief: Government and OMCs prioritize shielding consumers from immediate price shocks.

India’s fuel pricing mechanism, though linked to global crude trends, reflects a cautious approach to protect consumers from sudden spikes. This stability offers short-term relief, though future adjustments remain possible if global prices sustain upward momentum.

Sources: Mathrubhumi English, News18, News24