Fuel prices across India's major metropolitan cities remained largely unchanged on Thursday, April 9, 2026, despite global crude oil benchmarks edging higher after Israel launched fresh attacks on Lebanon. According to reports from ET Now, the global crude oil prices gained in the trade with Brent and WTI benchmarks moving toward the USD 100 per barrel mark due to volatility driven by geopolitical tensions in West Asia. State-run fuel companies have kept their rates unchanged, whereas private fuel stations and premium variants have seen noticeable increases. However, Deloitte Canada warns that oil and fuel prices are expected to remain high throughout the year, with the ongoing war between Iran and the U.S. creating sustained pressure on energy markets. The latest Deloitte report projects North American oil prices to average USD 85 per barrel in 2026, compared to USD 67 in 2025, representing a more than 50% surge since the Middle East conflict began in late February.
Petrol prices remained flat across major cities, with Kolkata recording the highest rate at ₹105.41 per litre, followed by Mumbai at ₹103.54 and Bengaluru at ₹102.92. As reported by ET Now, Chennai saw petrol priced at ₹101.23, while prices in the national capital Delhi stood at ₹94.77. Among nearby regions, petrol was marginally lower in Noida at ₹94.74 and Gurugram at ₹95.36, with Chandigarh posting one of the lowest rates at ₹94.30 per litre. Deloitte Canada analyst Kyle Bakx notes that gasoline prices could continue to remain high as oil trades above USD 100 per barrel, creating significant pressure on consumers throughout the year. The energy crisis is particularly concerning as oil prices have been relatively low over the last two years, making the current surge particularly significant for global markets.
Diesel prices also remained stable, with Chennai topping the chart at ₹92.81 per litre, closely followed by Kolkata at ₹92.02. According to ET Now, Bengaluru and Mumbai reported diesel prices of ₹90.99 and ₹90.03, respectively, while Ahmedabad stood at ₹90.14. In contrast, diesel remained relatively cheaper in the NCR region, with Delhi at ₹87.67, Noida at ₹87.81, Gurugram at ₹87.83, and Chandigarh recording the lowest price among major cities at ₹82.45 per litre. Deloitte Canada expects diesel and jet fuel prices to remain high throughout the year, with the energy crisis creating widespread pressure on all fuel categories. The ongoing conflict in the Middle East continues to choke transit through the Strait of Hormuz, cutting off roughly 20% of the world's oil and natural gas supply from international buyers.
In a bid to soften the blow for consumers and support oil marketing companies, the Government of India announced on March 26, 2026, a reduction in excise duties on petroleum products. As reported by ET Now, petrol excise duty has been cut to ₹3 per litre, while diesel has been fully exempted. The move is expected to help major oil firms, including HPCL, BPCL, and IOC, navigate the rising costs of crude oil. Prime Minister Mark Carney has indicated that the federal government is "looking at" ways to help cushion the blow from high gas prices, as reported by CBC News. Private fuel retailers such as Nayara Energy and Shell India are adjusting prices to manage their margins as crude oil continues to hover above USD 100 per barrel. Deloitte analyst Andrew Botterill notes that day-to-day oil prices are "highly volatile," but expects prices to eventually decline in the "back half of the year."
According to Deloitte Canada, North American oil prices have soared by more than 50% since late February, with West Texas Intermediate trading for more than $116 per barrel on Tuesday morning. The ongoing conflict in the Middle East continues to choke transit through the Strait of Hormuz, cutting off roughly 20% of the world's oil and natural gas supply from international buyers. While Deloitte expects oil prices to eventually decline in the "back half of the year," analyst Andrew Botterill warns that "there is going to be a lot of pressure on all of our energy needs for this year." The energy crisis is particularly concerning as oil prices have been relatively low over the last two years, making the current surge particularly significant for global markets. The latest Deloitte report is similar to projections from other firms, including Calgary-based consultancy Sproule, which is anticipating WTI to average $84 per barrel in 2026.
