Oil prices surged about 7 per cent on March 2, pushing Brent crude futures to $108 per barrel. In early trading, US energy stocks also climbed, with Exxon Mobil rising 3 per cent and Chevron gaining 2.6 per cent, according to Reuters. The spike followed Donald Trump’s remarks on Thursday, signalling continued military operations in Iran.
Although he did not mention reopening the Strait of Hormuz, Trump said in a televised address, “We’re going to hit them extremely hard over the next two to three weeks.”
He added, “We’re going to bring them back to the Stone Ages where they belong.”
Meanwhile, after touching a low of 95.21, the Indian rupee strengthened by about 2 per cent to 92.8350 against the US dollar.
Petrol and diesel prices in India
In India, petrol prices continued to fluctuate, while diesel prices have remained largely unchanged over the past 12 months. Petrol prices remain higher than in neighbouring countries due to higher taxes, global crude prices, and currency fluctuations, according to a Good Returns report.
Petrol is priced at Rs 103.50 per litre today. Over the past 10 days, petrol prices have fluctuated between Rs 103.50 and Rs 103.54.
As of March 2, 2026, diesel prices in India stand at Rs 90 per litre.
City-wise petrol prices (Good Return table)
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City
Prices
New Delhi
Rs 94.77
Kolkata
Rs 105.41
Mumbai
Rs 103.50 (-0.04)
Chennai
Rs 100.80 (-0.43)
Gurgaon
Rs 95.65 (+0.17)
Noida
Rs 94.90 (+0.02)
Bangalore
Rs 102.92 (-0.04)
Bhubaneswar
Rs 101.03
Chandigarh
Rs 94.30
Hyderabad
Rs 107.46
Jaipur
Rs 104.72 (-0.19)
Lucknow
Rs 94.69
Patna
Rs 106.12 (+0.70)
Thiruvananthapuram
Rs 107.49 (+0.01)
LPG and CNG prices in India
The LPG prices stood at Rs 912.50 for a 14.2 kg cylinder, as per Good Returns. Compared to March, prices have not changed significantly. However, amid the ongoing conflict, LPG in India has seen the most fluctuation, rising by Rs 60 between May 2025 and April 2026.
Meanwhile, CNG prices remain steady at Rs 80.50.
