Petrol and diesel prices across several Indian cities saw marginal changes but these fuel rates remained largely unchanged on March 13, Friday, even as global oil markets scramble for stability. After one of the most turbulent trading weeks in years.
Cities like Hyderabad, Kolkata and Patna continue to have some of the highest petrol prices among top 11 major Indian cities. Meanwhile, Delhi, Ahmedabad and Lucknow continue to remain relatively cheaper markets due to differences in state-level taxes. In terms of diesel, Hyderabad, Kolkata and Chennai witnessed highest rates while Delhi, Lucknow and Mumbai saw relatively cheaper prices.
The global oil benchmark Brent crude was trading around $100 per barrel on Friday after a sharp two-day rally, as Iran’s new Supreme Leader Mojtaba Khamenei pledged to keep the Strait of Hormuz effectively shut. Notbly, Strait of Hormuz is a narrow shipping route between Iran and the Arabian Peninsula which serves as one of the world’s most critical energy corridors. It handles substantial share of global oil and liquefied natural gas exports.
City-wise petrol and diesel prices:
City
Petrol (Rs)
Diesel (Rs)
Delhi
94.77
87.67
Mumbai
103.5
90.03
Kolkata
105.41
92.02
Chennai
100.9
92.48
Hyderabad
107.5
95.7
Bengaluru
102.96
90.99
Pune
104.04
90.57
Lucknow
95.48
88.64
Jaipur
104.72
90.21
Ahmedabad
94.49
90.21
Patna
105.47
91.49
Rupee to remain under pressure on Friday
According to traders, the Reserve Bank of India (RBI) is likely selling US dollars to cushion rupee due to impact of rising crude oil prices across the world, Reuters reported. On Friday, Rupee opened to all-time low as it fell 12 paise to 92.37 against US dollar in early trad
e. It is likely to remain under pressure today, with oil prices being the dominant factor shaping sentiment across markets, including foreign exchange, bonds and equities.
The central bank is smoothing the downside since the conflict began, intervening periodically in the market, Reuters report said citing traders. RBI’s sharp currency moves are expected to continue as energy prices remain volatile and foreign investors continue to pull money out of local stocks amid uncertainty due to ongoing Middle East conflict.
“Oil prices remained elevated after Iran said the Strait of Hormuz is closed permanently till the resolution of the crisis. The dollar index also rose, European and Asian currencies all fell against the dollar,” PTI quoted Head of Treasury and Executive Director, Finrex Treasury Advisors LLP, Anil Kumar Bhansali, as saying.
Moving to domestic equity market, the Sensex fell 560.06 points, or 0.74 per cent, to 75,474.36, while the Nifty plunged 184.45 points, or 0.78 per cent, to 23,454.70. According to exchange data, foreign institutional investors sold equities worth ₹7,049.87 crore on a net basis on 12 March reflect growing market anxiety as geopolitical tensions escalate in the Middle East.
