Petrol, diesel prices on 18 March: Check fuel rates in your city today — Bengaluru, Mumbai, Delhi, and others

Petrol and diesel prices across several Indian cities remained largely unchanged for the fourth day in a row on Wednesday, 18 March, continuing the recent trend of stability in retail fuel rates.

Steady pricing for petrol and diesel is holding in India, even as global oil markets see volatility, driven by geopolitical tensions in the Middle East, an effective halt to the trade through the Strait of Hormuz, and related concerns over supply disruptions.

The conflict involving the United States, Israel, and Iran has entered its third week with no clear sign of de-escalation. It began on 28 February, when coordinated US-Israeli strikes targeted Iran, prompting Tehran to retaliate with an attack across US military bases in the Middle East.

To keep domestic fuel prices in line with international crude oil prices and currency exchange rate movements, Oil Marketing Companies (OMCs) revise petrol and diesel prices every day at 6 am.

While HPCL and BPCL began insisting on advance payments since last week, IOCL halted its five-day revolving credit policy on Monday, Mint reported.

The rupee-dollar exchange rate also plays an important role in the pricing of petrol and diesel, as India imports a major share of its crude oil requirements from other countries. A weaker rupee can increase the cost of imported crude, which in turn may push up fuel prices.

Another important factor is the taxes imposed by the central and state governments, which form a major component of petrol and diesel prices. This is why fuel rates vary from state to state. Transportation costs and demand–supply dynamics also influence the final price that consumers pay at the pump.