Petrol and diesel prices today, March 4, remained unchanged in India from the previous day, with no fluctuation in the rates even as worries over fuel prices in the country grew amid the ongoing conflict in the Middle East and the risk of a possible closure of the Strait of Hormuz, the world’s biggest oil chokepoint.
Among the six key Indian cities — Bengaluru, Delhi, Chennai, Hyderabad, Kolkata, and Mumbai — petrol prices in five cities were above ₹100, while diesel rates remained below ₹100. Follow US-Iran war news live updates
In Delhi, the price of petrol on Wednesday was recorded at ₹94.77, while that of diesel was at ₹87.67. With this, petrol and diesel prices in the national capital have remained stagnant for more than a week.
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Bengaluru recorded a petrol rate of ₹102.96 on Wednesday morning, while diesel stood at ₹90.99. The price of petrol increased by four paise on Tuesday, while the rate of diesel remained unchanged for two days after falling by ten paise on Sunday.
Petrol price today
In Chennai, the price of petrol stood at ₹100.80, and that of diesel at ₹92.39 on Wednesday. Petrol prices fell by four paise on Tuesday, while diesel’s rate fell by ten paise on Monday.
Petrol was priced at ₹107.46 in Hyderabad on Wednesday, and the rate of diesel was at ₹95.70. The price of petrol fell by four paise on Tuesday, while diesel’s rates have remained unchanged for over a week.
Diesel price today
In Kolkata, petrol was priced at ₹105.45 and diesel at ₹92.02 on Wednesday. Petrol prices had increased by four paise on Monday, while diesel rates have remained stagnant for more than a week.
Lastly, Mumbai recorded the price of petrol at ₹103.54 on Wednesday, with diesel priced at ₹90.03. Petrol prices fell by four paise on Monday and quickly climbed back up by four paise on Tuesday. Meanwhile, diesel rates have been static for more than a week.
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Concerns over energy reserve amid US-Iran war
The 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.
With increasing strikes and retaliatory attacks, Iran has claimed that it has closed the Strait of Hormuz, the world’s biggest chokepoint for oil flow. However, it remained unclear whether this was a complete closure of the Strait.
The possible closure of the Strait has threatened India’s energy supplies as the country sources around 55 per cent of its crude imports from the Middle East, amounting to roughly 2.7 million barrels per day.
However, the conflict does not pose any immediate threat to India’s energy security, HT reported earlier in the day, citing people aware of the matter. The people cited what they said were crude oil and fuel stocks of 25 days each, as the government sought to reduce concerns from observers following repeated escalation in hostilities in the Gulf.
Petroleum minister Hardeep Singh Puri had also affirmed that India has sufficient energy reserves to deal with the ongoing situation, adding that consumers of petrol, diesel and cooking gas will not immediately face any shortage.