Fuel prices stable in India despite global crude surge. Brent crude has climbed over 50% since late February following US-Israel strikes against Iran, briefly touching $116 per barrel. However, Indian petrol and diesel rates remain largely unchanged as the government cut excise duty on petrol by three rupees per litre and exempted diesel entirely. This relief aims to support state-run oil marketing companies facing margin pressures amid geopolitical tensions. While Iran has granted exemptions to India, China, Russia, and Pakistan, market volatility continues as uncertainty surrounds the Middle East conflict duration. Industrial diesel and premium petrol prices were raised earlier this month, signaling underlying cost pressures. Oil marketing companies adjust retail fuel prices daily based on international crude benchmarks and currency movements.
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