Petrol, Diesel Prices On 18 March: Check Fuel Rates In Your City Today - Bengaluru, Mumbai, Delhi, And Others

(MENAFN- Live Mint) 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.

City-wise fuel rates on 18 March

The following retail rates are currently active in major cities across India:

Who is responsible for fuel pricing?

The three major OMCs responsible for fuel pricing and distribution in India are Indian Oil Corporation (IOC), Bharat Petroleum Corporation Limited (BPCL), and Hindustan Petroleum Corporation Limited (HPCL).

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.

OMCs seek advance payment for supply

Amid the supply disruption, OMCs have tightened fuel suppl norms to manage the situation. To limit the offtake by retail outlets, they have suspended the practice of supplying fuel on credit.

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

What influences fuel rates in India?

Retail fuel rates in the country are influenced by several factors, with the most significant being the price of crude oil in international markets, as it is the primary raw material used to produce petrol and diesel.

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.

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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.

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