Brent crude crosses $100 per barrel: Will petrol, diesel prices increase again?
India, one of the largest crude oil importers, depends on imports for nearly 90 per cent of its crude oil and 50 per cent of its natural gas needs.
- Sep 10, 2026,
- Updated Sep 10, 2026 11:35 AM IST
With Brent crude prices having crossed the $100 per barrel mark amid rising tensions between the United States and Iran, one pertinent question has resurfaced – will petrol and diesel get costlier again?
As mentioned in a report in Business Standard, petrol and diesel may face upward pressure as oil marketing companies (OMCs) are currently incurring losses of ₹5 per litre on petrol and ₹23 per litre on diesel. This comes as Brent crude reached its highest level in over six weeks on Wednesday, after staying around $70-75 per barrel before the conflict began in late February.
The increase is expected to affect the financial health of OMCs since pump prices remain unchanged despite the rise in international crude prices, the report added.
In May, the government raised petrol prices by ₹7.35 per litre and diesel prices by ₹7.53 per litre in four installments.
India, one of the largest crude oil importers, depends on imports for nearly 90 per cent of its crude oil and 50 per cent of its natural gas needs. The country's crude oil import bill rose by 56.5 per cent to $63.4 billion during April-July of the current financial year, despite stable import volumes of 81.9 million tonnes compared to 81.5 million tonnes in the previous year.
The net oil and gas import bill also increased by 40.3 per cent to $57.8 billion during the same period. Amid supply challenges due to tensions in West Asia, Indian refiners plan to diversify their sources, increasing reliance on Russia, Brazil, and some African countries to meet domestic energy demand.
DON'T MISS | India's exports hold up despite global turmoil, rise over 15% in April-August
Brent crude oil prices have risen by nearly 30 percent since early August as hopes for a permanent agreement between the US and Iran to stop attacks have faded. Fighting resumed later in the month, contributing to the price surge.
On Wednesday, Iran claimed it attacked 10 ships near the Strait of Hormuz following the US sinking five Iranian oil tankers. Iran's Islamic Revolutionary Guard Corps warned it would intensify its response to any further attacks.
With Brent crude prices having crossed the $100 per barrel mark amid rising tensions between the United States and Iran, one pertinent question has resurfaced – will petrol and diesel get costlier again?
As mentioned in a report in Business Standard, petrol and diesel may face upward pressure as oil marketing companies (OMCs) are currently incurring losses of ₹5 per litre on petrol and ₹23 per litre on diesel. This comes as Brent crude reached its highest level in over six weeks on Wednesday, after staying around $70-75 per barrel before the conflict began in late February.
The increase is expected to affect the financial health of OMCs since pump prices remain unchanged despite the rise in international crude prices, the report added.
In May, the government raised petrol prices by ₹7.35 per litre and diesel prices by ₹7.53 per litre in four installments.
India, one of the largest crude oil importers, depends on imports for nearly 90 per cent of its crude oil and 50 per cent of its natural gas needs. The country's crude oil import bill rose by 56.5 per cent to $63.4 billion during April-July of the current financial year, despite stable import volumes of 81.9 million tonnes compared to 81.5 million tonnes in the previous year.
The net oil and gas import bill also increased by 40.3 per cent to $57.8 billion during the same period. Amid supply challenges due to tensions in West Asia, Indian refiners plan to diversify their sources, increasing reliance on Russia, Brazil, and some African countries to meet domestic energy demand.
DON'T MISS | India's exports hold up despite global turmoil, rise over 15% in April-August
Brent crude oil prices have risen by nearly 30 percent since early August as hopes for a permanent agreement between the US and Iran to stop attacks have faded. Fighting resumed later in the month, contributing to the price surge.
On Wednesday, Iran claimed it attacked 10 ships near the Strait of Hormuz following the US sinking five Iranian oil tankers. Iran's Islamic Revolutionary Guard Corps warned it would intensify its response to any further attacks.