Petrol and diesel prices today, March 4, remained unchanged in India from the previous day, with no fluctuation in prices even as concerns grow over fuel prices in the country amid the ongoing conflict in the Middle East and the risk of a possible closure of the Strait of Hormuz, the world’s largest oil corridor.
Of the six major Indian cities – Bengaluru, Delhi, Chennai, Hyderabad, Kolkata and Mumbai – petrol prices in five cities were higher. $100, while diesel prices remained lower than that $100. Follow live updates of US-Iran war news
In Delhi, the price of gasoline was recorded on Wednesday $94.77, while the price of diesel reached 94.77 $87.67. Thus, petrol and diesel prices in the national capital remained stagnant for more than a week.
Read also | No immediate energy shortage, adequate reserves: India amid tensions in the Middle East
Bengaluru recorded a petrol rate of $102.96 on Wednesday morning, while diesel settled at $90.99. Gasoline prices rose by four piasters on Tuesday, while diesel prices remained unchanged for two days after falling by 10 piasters on Sunday.
Gasoline price today
In Chennai, the price of petrol stabilized $100.80 and diesel at $92.39 on Wednesday. Petrol prices fell by four piasters on Tuesday, while diesel prices fell by 10 piasters on Monday.
The price of gasoline was $107.46 in Hyderabad on Wednesday, the diesel rate was at $95.70. The price of petrol fell by four piasters on Tuesday, while diesel prices remained unchanged for more than a week.
Diesel price today
In Kolkata, petrol has been priced $105.45 and diesel at $92.02 on Wednesday. Petrol prices rose by four pennies on Monday, while diesel prices remained stagnant for more than a week.
Finally, Mumbai recorded petrol price at $103.54 on Wednesday with diesel price $90.03. Gasoline prices fell by four pennies on Monday and quickly rose again by four pennies on Tuesday. Meanwhile, diesel prices have remained flat for more than a week.
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Concerns about energy reserves amid the US-Iran war
Conflict in the Middle East continued to escalate after joint US-Israeli strikes on Iran killed Iranian Supreme Leader Ayatollah Ali Khamenei over the weekend.
As strikes and retaliatory attacks increased, Iran claimed to have closed the Strait of Hormuz, the largest oil flow corridor in the world. However, it remained unclear whether this was a complete closure of the strait.
The potential closure of the Strait threatens Indian energy supplies, as the country imports about 55% of its crude oil imports from the Middle East, amounting to about 2.7 million barrels per day.
Read also | US-Iran war: AAI denies seeking fuel stock details as concerns emerge over oil supplies amid ‘closure’ of Strait of Hormuz
However, the conflict does not pose any immediate threat to India’s energy security, HT reported earlier in the day, citing people familiar with the matter. The people pointed to what they said were 25 days’ worth of stockpiles of crude oil and fuel each, as the government sought to ease observers’ concerns in the wake of repeated escalation of hostilities in the Gulf.
Petroleum Minister Hardeep Singh Puri also asserted that India has adequate energy reserves to cope with the ongoing situation, adding that consumers of petrol, diesel and cooking gas will not immediately face any shortage.
