With the increase in tension in West Asia after the attack on Iran, the concern about increase in prices of petrol and diesel has increased. Despite the sharp rise in crude oil prices across the world, there has been no impact so far on the prices of petrol, diesel and gas in major cities across the country. The Indian government has said that it is no longer solely dependent on Qatar for gas, but is exploring new markets, and focusing on those markets which have not been affected by the war. Many countries including Australia have also offered gas. Meanwhile, news agency Press Trust of India (PTI) quoted government sources as saying that consumers are feeling relieved that there is no possibility of a price increase any time soon.
What impact will Middle East tensions have on oil?
The government has adopted a strategy whereby oil companies can increase their profits when international oil prices fall, while when global prices rise, the companies protect the interests of consumers by bearing the burden for some time. According to a report by global financial services company Nomura, oil marketing companies are currently bearing the brunt of rising crude oil prices and are not passing it on directly to consumers. Crude oil prices have increased rapidly amid geopolitical tension. Following the US and Israel’s attacks on Iran, global benchmark Brent crude has risen nearly 16.8 per cent, while West Texas Intermediate (WTI) has risen nearly 14 per cent.
On the other hand, due to tension in the Middle East, India has resumed oil imports from Russia to meet its needs and requirements. According to reports, due to disruptions in oil supply from the Middle East, India has now opened its doors to Russian oil. India imports about 90 percent of its oil needs and has recently increased its purchases from the Middle East instead of Russia. However, due to the situation created by the Iran war, it has turned to Russian crude oil to avoid difficulties.
Petrol and diesel prices in major cities on March 5, 2026
Delhi: Petrol ₹94.77/litre, Diesel ₹87.67/litre
Hyderabad: Petrol ₹107.46/litre, Diesel ₹95.70/litre
Bengaluru: Petrol ₹102.92/litre, Diesel ₹90.99/litre
Chennai: Petrol ₹100.84/litre, Diesel ₹92.39/litre
Kolkata: Petrol ₹105.45/litre, Diesel ₹92.39/litre
Lucknow: Petrol ₹94.69/litre, Diesel ₹87.81/litre
