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| Check fuel rates in Delhi, Mumbai, other cities amid Iran war | | | Early Times Report
NEW DELHI, Mar 15: Petrol and diesel prices in India remained unchanged on March 15, 2026, even as global oil markets continue to experience sharp volatility amid geopolitical tensions in West Asia. Oil marketing companies (OMCs) update fuel prices daily at 6 AM, aligning them with movements in global crude oil prices and currency exchange rates. The daily revision mechanism is designed to promote transparency and ensure consumers receive the most up-to-date information on retail fuel prices.
However, despite fluctuations in international oil markets, the Indian government has indicated that petrol and diesel prices are expected to remain stable for now, with oil marketing companies absorbing part of the volatility to avoid sudden price shocks for consumers.
Global crude prices have been highly volatile in recent days due to the ongoing conflict in the Middle East involving Iran, Israel and the United States. The crisis has raised concerns about potential disruptions to oil shipments through the Strait of Hormuz, a critical energy chokepoint through which nearly 20% of global oil supply passes.
Brent crude briefly surged above $115 per barrel earlier this week before easing after signs of possible de-escalation. However, oil prices have again jumped to $113 amid closure of the Strait of Hormuz. The spike in oil prices has heightened fears of a global energy shock and rising inflation in several economies.
Despite the turbulence in global energy markets, Indian authorities have signalled that retail petrol and diesel prices will remain steady in the near term, providing relief to consumers and helping contain inflationary pressures. |
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