Fuel Prices Steady on March 21 Amid Gulf Crisis; Premium Petrol, Industrial Diesel Hike

• Petrol and diesel prices in India remained unchanged on March 21, 2026, despite global oil market volatility.
• Oil marketing companies (OMCs) announced a hike of Rs 2-3 per litre in premium petrol prices due to crude oil shortage.
• Indian Oil also raised industrial diesel price by 25%, potentially leading to inflation due to increased input costs.
• Global crude prices are highly volatile due to ongoing Middle East conflict, raising concerns about oil shipment disruptions through the Strait of Hormuz.
• Despite global turbulence, Indian authorities signal steady retail petrol and diesel prices in the near term to aid consumers.