India holds fuel prices steady despite global crude surge

Even after the escalation in the West Asia conflict and rise in Brent crude oil prices due to the closure of the Strait of Hormuz, the fuel prices remain unchanged in India, while many countries have witnessed a jump of up to 85 per cent.

Data by Kotak highlighted a sharp divergence between India and both advanced and emerging countries, where consumers have faced increases in fuel prices so far this year, reports NDTV Profit. On the diesel front, prices have witnessed a sharp rise in several countries in recent months amid geopolitical tensions.

Country-wise, the UAE saw an increase of



around 85 per cent, followed by Australia and the United States, which recorded rises of more than 65 per cent and 62 per cent, respectively. Meanwhile, in Canada, Pakistan, France, Sri Lanka and Britain, prices rose between 35 per cent and 53 per cent.

Moreover, countries where prices increased more modestly include China and Brazil, while Russia stands out as an exception, with diesel prices rising only slightly — by over 1 per cent.

In contrast, diesel prices in India have remained unchanged at Rs 87.6 per litre compared to January levels, indicating zero increase despite the US-Iran tensions.