Petrol, diesel prices March 9: Check rates today in Delhi, Mumbai, Bengaluru and 13 other cities

Petrol and diesel prices remained unchanged in major Indian cities on Monday, March 9, even as global crude oil prices crossed the $100 per barrel mark for the first time since 2022. The surge in oil prices comes as the ongoing conflict in the Middle East continues to disrupt global energy markets and raise concerns over oil supply.

The increase is largely linked to the war involving the United States, Israel and Iran, which has started affecting one of the world’s most important oil shipping routes.

Petrol, Diesel price today across major India cities

Brent crude price today

Global oil prices jumped sharply on Monday (March 9), crossing $114 per barrel for the first time since 2022 as the war involving Iran escalated and raised concerns about oil production and shipping routes in West Asia. The price of Brent crude, the international benchmark, climbed above $114 after trading resumed on the Chicago Mercantile Exchange. This marked a sharp 23% increase compared with its Friday (March 6) closing price of $92.69.

Meanwhile, West Texas Intermediate (WTI), the main crude oil produced in the United States, was also trading at around $114 per barrel. This represents a 25% jump from its Friday closing price of $90.90.

The conflict also led to fresh damage to civilian infrastructure early on Monday. Bahrain accused Iran of attacking a desalination plant that plays a crucial role in supplying drinking water. At the same time, oil depots in Tehran were seen burning after overnight strikes by Israel.

Why are oil prices going up today?

Concerns over fuel prices are rising mainly because global crude oil rates have surged due to fears of supply disruptions caused by the war. One of the biggest worries is that energy exports from the Gulf region could be affected if the situation worsens, Reuters reported.

Market anxiety also increased after Kuwait started shutting down production at some oilfields due to storage limitations, which added pressure to already tight global supply.

Key factors behind petrol and diesel rates in India

Petrol and diesel prices in India have remained unchanged since May 2022, after the central government and several states reduced taxes on fuel.

Oil Marketing Companies update fuel prices every day at 6 am based on changes in global crude prices. Although fuel rates are linked to international markets, they are also influenced by government taxes, pricing structures and unofficial price controls.

Global crude oil rates play a major role in determining fuel prices because petrol and diesel are made from crude oil. India imports most of its crude oil. This means the value of the rupee against the US dollar has a big impact on fuel costs. A weaker rupee usually leads to higher prices.

Impact of the Israel-US war with Iran on global oil prices

The war has affected global oil markets in different ways. One of the biggest factors has been the disruption around the Strait of Hormuz and attacks on Iranian energy infrastructure. Oil prices started rising sharply after US-Israeli military strikes on Iran began in late February.

If Brent crude remains above $100 per barrel for several weeks, experts believe petrol and diesel prices in India could gradually start increasing, according to a report by JM Financials.

The government is also considering increasing crude imports from countries such as Russia and Brazil to reduce dependence on Gulf supplies and avoid disruptions through the Strait of Hormuz.