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Markets remain anxious amid the US-Israeli war on Iran, with Trump's 48-hour ultimatum to Tehran to open the Strait of Hormuz set to expire tonight. Since the start of the war, oil prices have risen by over 50%, though price levels in India remain steady. Check petrol & diesel prices today, 7 April.
A petrol pump attendant picks up a nozzle to refuel a vehicle at an Indian Oil fuel station in Varanasi on March 10, 2026.(AFP)As the Middle East war stretches into its 39th day, the conflict continues to inflict heavy pressure on global economic stability. Tensions escalated sharply ahead of a critical Tuesday deadline set by US President Donald Trump for Tehran to reopen the Strait of Hormuz, which expires tonight at 8 pm Eastern Time.
Trump threatened "complete demolition" if his demands are not met, warning that American forces would obliterate Iranian power plants and decimate its bridges. Iranian officials responded with threats of their own, with Parliament Speaker Mohammad-Bagher Ghalibaf warning that the US president's reckless moves would mean "our whole region is going to burn".
Consequently, oil markets remained anxious, with Brent crude futures trading steadily around the $110 to $111 per barrel mark, and US benchmark West Texas Intermediate (WTI) holding above $112—its highest level since mid-2022.
Further complicating matters, diplomatic efforts remain stalled as Iran pushes back against the ultimatums, insisting that the crucial waterway—through which 20% of the world's oil flows—will stay closed.
Premium fuels and private retailers see hikes, govt pumps hold steady
Against this tense geopolitical backdrop, private fuel retailers in India and commercial segments have witnessed massive price hikes, even as government oil marketing companies (OMCs) hold the line on regular auto fuels. Private major Shell India recently hiked petrol and diesel prices to offset surging crude costs, while Nayara Energy has also implemented steady hikes.
Meanwhile, state-run Indian Oil Corporation Ltd (IOCL) raised the price of its high-octane XP100 petrol to ₹160 per litre. In a massive blow to businesses, commercial LPG prices were hiked by ₹195.50, bringing the cost of a 19-kg cylinder to ₹2,078.50 in Delhi. Furthermore, OMCs have sharply increased the price of industrial diesel by 25% ( ₹28.22) to ₹137.81 per litre for bulk commercial purchases.
However, to shield everyday consumers, regular petrol and diesel rates at state-run pumps remain untouched. The Centre's recent excise duty cuts— ₹3 a litre on regular petrol and a complete exemption on regular diesel—have provided crucial breathing room for government oil companies to maintain base fuel rates despite crude crossing the $110 mark.
Regular petrol and diesel prices
OMCs revise prices every morning at 6 AM. Despite the massive hikes in commercial and premium fuels, the prices of regular petrol and diesel at pumps—which account for the vast majority of daily retail sales—remained stable on Tuesday.
Below are petrol and diesel prices across major Indian cities on Tuesday, 7 April:
| Delhi | ₹94.77 | ₹87.67 |
| Mumbai | ₹103.50 | ₹90.03 |
| Kolkata | ₹105.41 | ₹92.02 |
| Chennai | ₹100.90 | ₹92.49 |
| Hyderabad | ₹107.46 | ₹95.70 |
| Bengaluru | ₹102.55 | ₹89.02 |
| Lucknow | ₹94.69 | ₹87.80 |
| Ahmedabad | ₹94.49 | ₹90.17 |
Factors affecting petrol and diesel prices in India
There are many factors that influence the prices of petrol and diesel in India, with the most significant being the price of crude oil on international markets.
The rupee-dollar exchange rate also plays an important role in determining the prices of petrol and diesel, given that India imports a large share of its crude oil requirements. In simple terms, a weaker rupee can increase the cost of imported crude, pushing up domestic fuel prices, or vice versa.
Another factor is the taxes imposed by the Centre and state governments, which form a major component of petrol and diesel prices and are responsible for variations in fuel prices across states.
Demand-supply dynamics and logistical costs also influence the final prices of petrol and diesel in India.
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