Huge rush at fuel stations across India as panic among citizens concerning prices of diesel and petrol could rise due to the price of crude oil going up more than 2% on Thursday, March 5. Motorists were seen standing in long queues at petrol pumps to refill their vehicle tankers in advance.
Iran closed the route of the Strait of Hormuz, a crucial route which supply 20% of the world's fuel, which can lead to an increase in fuel prices. In the early morning, the contract of the benchmark crude on the Intercontinental Exchange was trading at $83.26 per barrel, up by almost 2.43% from its previous close.
Petrol, Diesel Price Hike?
India imports over 85% of its crude oil, of which 50% is supplied by the Middle East through the Strait of Hormuz, flows from which has been disrupted following the US-Israel attacks on Iran. While a continuous increase in oil prices would impact India's import, India maintains that it is in a reasonably comfortable position as far as crude oil, LPG and LNG are concerned.
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Petrol and Diesel Prices in Indian Cities
| City | Petrol Price (Rs/litre) | Diesel Price (Rs/litre) |
|---|---|---|
| Delhi | Rs 94.77 | Rs 87.67 |
| Mumbai | Rs 103.54 | Rs 90.03 |
| Chennai | Rs 100.80 | Rs 92.39 |
| Kolkata | Rs 105.45 | Rs 92.02 |
| Hyderabad | Rs 107.46 | Rs 95.70 |
| Bengaluru | Rs 102.96 | Rs 90.99 |
| Noida | Rs 94.90 | Rs 88.01 |
| Ghaziabad | Rs 94.89 | Rs 88.03 |
| Patna | Rs 105.23 | Rs 91.49 |
Govt on Petrol Diesel Price
Media reports suggest government sources have said that India has a stock of 25 days of reserve for crude and 25 days of products including the quantity that is in transit on ships headed for the country’s ports.
Therefore, there is no indication currently of a rise in retail prices of diesel and petrol in the country. India has divided its oil imports from Africa, Russia, and the US and is building resilience through strategic reserves.
Hardeep Singh Puri, Minister of Petroleum & Natural Gas, recently briefed the media on the country’s preparedness in the current circumstances. It was informed that India is the third largest importer, fourth largest refiner, and fifth largest exporter of petroleum products globally.
Puri said that the country is well stocked with crude oil and inventories of key petroleum products, including petrol, diesel and ATF, to deal with short-term disruptions arising from the Middle East.