A partial geopolitical de-escalation has pulled prices back from recent highs, though supply concerns persist. | Photo Credit: FRANCIS MASCARENHAS

Petrol and diesel prices across major Indian cities remained largely unchanged on March 12, 2026, even as crude oil prices stayed elevated following ongoing disruption to oil flows through the Strait of Hormuz due to the West Asia crisis.

MCX Crude Oil was trading near ₹8,730–₹8,800, while US WTI crude stabilised around $94 per barrel after briefly spiking to $110–$119 earlier this week. A partial geopolitical de-escalation has pulled prices back from recent highs, though supply concerns persist.

The Indian government confirmed in a press briefing that 30 per cent of India’s crude requirements remain disrupted due to the Strait blockage. Despite this, refineries are operating at near-full capacity, drawing on existing crude inventories estimated to cover 30–40 days of domestic demand. Analysts at JM Financial estimate total oil inventory — including strategic reserves — could offset the supply shortfall for three to four months.

Natural gas supply faces a tighter situation. Around 25 per cent of India’s gas supply has been disrupted, prompting the government to issue the Natural Gas (Supply Regulation) Order, 2026, prioritising domestic PNG, CNG, and fertiliser sectors while curtailing supply to petrochemicals and power plants. Analysts note that 20–25 per cent demand rationalisation is the only sustainable fix given minimal gas storage capacity.

LPG remains the most stressed commodity. With 90 per cent of imports routed through the Strait, 44 per cent of India’s LPG requirement is currently unmet despite a 25 per cent rise in domestic production. The government has prioritised household cooking use, leaving commercial supply constrained. Current LPG price in Delhi stands at ₹913 per cylinder.

Prices as follows:

Published on March 12, 2026