Fuel prices across India remained unchanged on April 15, 2026, even as global crude markets stay on edge due to disruptions at the Strait of Hormuz. Brent crude, the international benchmark, is trading around $94–95 per barrel — up more than 31% since the US-Iran war began on February 28. Yet Indian consumers at the pump are seeing no change in retail rates, a pattern now holding for over a month.
The reason is a mix of government management, oil marketing company (OMC) absorption of under-recoveries, and — analysts note — political sensitivity ahead of state assembly elections. For context: OMCs like IOCL, BPCL, and HPCL are absorbing significant losses on every litre sold at subsidised rates. A pass-through to consumers would be politically costly.
| City | Petrol (₹/litre) | Diesel (₹/litre) |
|---|---|---|
| Delhi | 94.77 | 87.67 |
| Mumbai | 103.54 | 90.03 |
| Bengaluru | 102.92 | ~89.00 |
| Hyderabad | 107.50 | ~94.00 |
| Chennai | 100.93–101.23 | ~94.24 |
| Kolkata | 105.41 | ~92.76 |
| Ahmedabad | 94.49 | ~89.00 |
| Noida | ~94.80 | ~87.70 |
Why do prices vary so much across cities? The base price of petrol and diesel is set by central government excise duty, which is uniform nationwide. But state-level VAT (Value Added Tax) differs, which explains why Mumbai and Hyderabad are considerably more expensive than Delhi and Ahmedabad. Dealer commissions and transportation costs add marginal variation on top of that.
The Indian government cut excise duty on petrol and diesel earlier this year to absorb some of the oil shock from the Iran-Israel conflict. The central government has also reassured citizens that fuel stocks are adequate and panic-buying is unnecessary. Indian Oil issued a specific public advisory urging calm after social media posts about potential shortages circulated in some markets.
Globally, the situation remains volatile. The US blockade of Iranian ports, if sustained, could further tighten crude supply. The Houthis in Yemen have also entered the conflict — their potential choice to block the Bab al-Mandab strait (the other chokepoint for Gulf oil) would compound the crisis significantly. Energy Secretary Chris Wright told a Washington conference on Monday that prices would likely continue rising until "meaningful ship traffic" moves through Hormuz again.
