Brent crude oil prices have reached $108 per barrel. Oil marketing companies (OMCs) are currently losing ₹24 per litre on petrol and ₹30 per litre on diesel. They cannot maintain current pricing levels due to these losses.

Key facts:

• LPG consumption in India decreased by 16.16% in April 2026.
• LPG consumption fell to 2.2 million tonnes in April 2026.
• The government previously reduced excise duty by ₹10 per litre, resulting in a revenue loss of ₹1.7 lakh crore annually.
• The average price of a 19-kg LPG cylinder in Delhi has reached ₹3,071.50.

Officials have stated that OMCs are under significant financial pressure because of rising crude oil prices. A senior official noted, “We cannot keep prices unchanged when there are supply issues. At some point, we have to make adjustments according to market conditions.” The government believes that a price adjustment is unavoidable due to the financial strain on OMCs.

Petrol and diesel prices in India have remained stable since April 2022 despite rising global crude oil prices. This stability may soon change as the government is expected to announce a price increase for petrol and diesel soon after the election results.

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Petrol and diesel prices may increase by around Rs 4–5 per litre. Domestic LPG cylinders could see a hike of about Rs 40–50. This increase is driven by a sharp rise in global crude oil prices due to the ongoing conflict in West Asia.

Retail rates have largely been frozen since 2022. State-owned fuel retailers are currently incurring losses of about Rs 20 per litre on petrol and roughly Rs 100 per litre on diesel. Oil marketing companies have been absorbing these losses due to unchanged retail fuel prices.

The government is closely monitoring the evolving situation in West Asia and its impact on global energy markets. The Ministry of Petroleum and Natural Gas confirmed that retail pump prices of petrol, diesel, and domestic LPG have been kept unchanged for an extended period.

However, no final decision has been announced yet regarding the price hike. The government will likely assess inflation concerns alongside the need for adjustments in fuel pricing.

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The price of petrol in Mumbai is currently set at ₹103.50 per litre, while diesel is priced at ₹90.03 per litre. This stability in petrol prices comes despite recent fluctuations in global crude oil prices, which have seen a 6% drop in Brent crude futures. The ongoing geopolitical tensions, particularly the conflict in Iran, have significantly disrupted energy dynamics, especially around the Strait of Hormuz, a critical passage for oil shipments.

Retail fuel prices in India are revised daily at 6 AM, a practice that allows for adjustments based on international market conditions. However, the prices of regular transport fuels and premium diesel have remained unchanged, indicating a strategic decision by state-run oil marketing companies to maintain price stability amid volatile global markets.

Interestingly, while petrol prices have held steady, state-run oil marketing companies have increased industrial diesel prices by around ₹22 per litre. This increase could have broader implications for transportation and logistics sectors, potentially leading to higher costs for goods and services across the economy.

In a related development, the price of premium petrol in Delhi has been raised from ₹99.89 per litre to ₹101.89 per litre. This adjustment reflects the ongoing pressures on fuel pricing, which are influenced by both international crude prices and domestic market conditions.

India sources approximately 85–90% of its crude oil from overseas, making the country particularly vulnerable to fluctuations in global oil prices. The reliance on imported oil means that any disruption in supply chains or changes in international relations can have immediate effects on local fuel prices.

As the situation evolves, it remains to be seen how long the current pricing strategy will hold. With global oil prices hovering above the ₹100 mark, further adjustments may be necessary in the coming weeks. Details remain unconfirmed regarding any potential changes to the pricing strategy or additional increases in fuel prices.

Consumers and businesses alike are watching closely as the implications of these fuel prices ripple through the economy. The stability in petrol prices in Mumbai, while welcome, may not last if global conditions continue to shift dramatically. Stakeholders in the energy sector are preparing for possible adjustments as they navigate the complexities of the current market landscape.

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The panic buying of petrol in Ahmedabad has emerged as a significant concern, with long queues forming at fuel stations across the city. This situation has been exacerbated by misinformation regarding a potential fuel shortage, which has spread rapidly through social media platforms. Observers note that the ongoing conflict in West Asia has raised global concerns about oil supply, contributing to the heightened anxiety among consumers.

In response to the situation, the state government has reassured the public that there is sufficient stock of petrol and diesel available in Gujarat. Deputy Chief Minister Harsh Sanghavi emphasized that residents need not panic, stating, “There is enough stock of petrol and diesel available in the state and so people need not do hoarding or panic.” This statement aims to quell fears and encourage calm among the populace.

Despite the government’s assurances, approximately 30-40% of retail outlets in Gujarat are reportedly facing supply issues due to logistics difficulties. The Indian Oil Corporation has confirmed that adequate stock is available, and fuel retailers have indicated that India maintains a 70-day reserve of crude oil, suggesting that there is no immediate shortage. Sujata Sharma, a spokesperson for the Indian Oil Corporation, stated, “These are not dry outs. We have checked it from the field and all petrol pumps are working normally and adequate fuel is available at all such facilities.”

The panic was reportedly triggered by a sudden change in payment systems implemented by oil marketing companies, which has led to confusion among consumers. This change was introduced to address the refining losses faced by these companies, which have seen the price of crude oil rise significantly from USD 60 to USD 118-120 per barrel due to the conflict in West Asia.

As the situation unfolds, the government is closely monitoring the fuel supply and holding regular review meetings to ensure that the distribution remains stable. Harsh Sanghavi reiterated the government’s commitment, stating, “The government is fully prepared to ensure that petrol and diesel are available at all pumps.” This proactive approach aims to prevent further panic and ensure that residents have access to fuel without disruption.

In light of the current circumstances, officials are urging the public to disregard rumors circulating on social media. Harsh Sanghavi advised, “People should not pay attention to rumours being spread through social media or WhatsApp.” This call for calm is crucial as the government works to stabilize the situation and restore public confidence in the fuel supply chain.

While the panic buying has led to temporary shutdowns of several petrol pumps in Ahmedabad, the overall sentiment from officials is one of reassurance. They emphasize that the supply chain is being managed effectively and that residents should not succumb to panic. As the situation develops, the focus remains on ensuring that adequate fuel supplies are maintained across the region.

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The Indian Oil Corporation (IOC) saw its share price slip by 7.2% on March 9, 2026, reflecting broader concerns within the oil marketing sector. This decline comes as Brent crude prices surged by 26.4%, reaching $117.16 per barrel, raising alarms about the potential impact on earnings and profit margins for oil marketing companies (OMCs).

On the same day, shares of Hindustan Petroleum Corporation Limited (HPCL) and Bharat Petroleum Corporation Limited (BPCL) also experienced notable declines, dropping 8.7% and 7.99%, respectively. Overall, OMC stocks have fallen approximately 14-15% throughout March 2026.

Despite the current downturn, IOC has announced a second interim dividend of Rs 2 per equity share for the financial year 2025-26, with the record date set for March 27, 2026, and the payment date expected on or before April 5, 2026. This announcement may provide some reassurance to investors amid the volatility.

As of the latest updates, IOC’s market capitalization stands at Rs 2,25,021.93 crore, with its share price fluctuating between a 52-week high of Rs 188.90 and a low of Rs 120.05. On March 9, the share price hit an intraday low of Rs 156.3, marking a significant drop of 7.3%.

Despite the recent challenges, IOC’s share price has yielded a positive return of 101.05% over the past three years, indicating a longer-term growth trend that may still attract investors.

The sharp fall in oil marketing company stocks reflects concerns about how rising crude prices can affect their earnings and margins. Investors are closely monitoring these developments as they unfold.

Details remain unconfirmed regarding the long-term implications of these price movements and the potential recovery of OMC stocks in the near future.

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Oil marketing companies have increased the prices of non-subsidised domestic LPG gas cylinders by 60 rupees across metropolitan cities in India. The new price for a 14.2 kilogram gas cylinder in Delhi has risen from 853 rupees to 913 rupees.

In Mumbai, the new rates for LPG cylinders will be 912 rupees and 50 paise, while in Kolkata, the price has been set at 939 rupees. Chennai residents will now pay 928 rupees and 50 paise for the same cylinder.

The rates of commercial LPG gas cylinders have also seen an increase, with prices rising by 115 rupees. These revised prices have come into effect from today, marking another significant change in the energy market.

This price hike is attributed to increased energy prices due to the conflict in West Asia, which has affected global oil markets. Such fluctuations have a direct impact on domestic consumers, who rely heavily on LPG for cooking and other household needs.

Previously, the price of domestic cooking gas was hiked by 60 rupees per cylinder on March 7, 2026, indicating a trend of rising costs in recent months. These adjustments in pricing reflect ongoing challenges in the energy sector and the broader economic landscape.

As consumers adjust to these new prices, observers are closely monitoring the situation to see if further hikes will occur in the near future. The impact of these changes on household budgets and consumer behavior remains to be seen.

Details remain unconfirmed regarding any potential future adjustments or government interventions to mitigate the effects of these price increases on consumers.

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