Daijiworld Media Network – New Delhi

New Delhi, Mar 20: Petrol and diesel prices across India remained unchanged on Friday, March 20, even as global crude markets continue to witness sharp fluctuations amid escalating geopolitical tensions in West Asia.

Oil marketing companies (OMCs) revise fuel prices daily at 6 am, aligning retail rates with international crude prices and currency exchange movements. The mechanism is aimed at ensuring transparency and timely updates for consumers.

Despite volatility in global oil markets, the government has indicated that domestic fuel prices are likely to remain stable for now. OMCs are understood to be absorbing part of the fluctuations to prevent sudden price shocks for consumers.

Global crude prices have seen significant swings due to the ongoing tensions involving Iran, Israel, and the United States.

Concerns have been raised over potential disruptions in the Strait of Hormuz, through which nearly 20% of the world’s oil supply passes, making it a critical artery for global energy trade.

Brent crude prices briefly crossed $115 per barrel earlier this week before easing amid signs of possible de-escalation. The surge had triggered fears of a global energy shock and rising inflation across major economies.

Amid these uncertainties, the decision to keep retail fuel prices unchanged is expected to provide relief to consumers and help contain inflationary pressures in the domestic economy.

Officials indicated that prices will continue to be closely monitored, with any future revisions depending on global market trends and geopolitical developments.