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Israel-Iran War Impact: Iran’s Foreign Minister Abbas Araghchi has said that at present there is no intention to close the Hormuz waterway. A day before, when Iran’s Supreme Leader Ayatollah Ali Khamenei was killed in an American attack, there were fears that Iran might close Hormuz.

If Hormuz was closed, the price of crude oil could have increased from $ 70 per barrel to $ 120 per barrel. Its effect could be seen on petrol and diesel in India. However, experts still believe that the risk of increase in crude oil prices still remains.

Now know its effect on common people…

Petrol and diesel may increase by Rs 4-5 in India.

Petrol Diesel: Petrol in Delhi may increase from ₹ 95 per liter to ₹ 100. Whereas diesel can increase from ₹ 88 to ₹ 92. Prices may increase in a similar manner in other cities also. Earlier, when the news of closure of Hormuz came, experts were estimating that the price of crude oil could reach $ 120 per barrel. Whereas petrol can reach up to Rs 105.

Now after the statement of Iran’s Foreign Minister, experts are predicting the price of crude oil to reach 100 dollars. On this basis, the rate estimate of petrol and diesel has also been reduced slightly. India imports 90% of its oil needs. About 50% of this crude comes via Hormuz. Experts believe that if this route is blocked completely or slightly, then the supply of crude oil in the international market will decrease and the prices of crude oil will increase.

Latest prices of petrol and diesel in major cities of the country

There is a difference in the prices of petrol and diesel in different cities of the country. Rates vary from city to city due to tax structure and VAT of state governments. Here are the latest prices of major cities:

Delhi

Petrol: ₹94.77 per liter
Diesel: ₹87.67 per liter

Mumbai

Petrol: ₹103.50 per liter
Diesel: ₹90.03 per liter

Kolkata

Petrol: ₹103.94 per liter
Diesel: ₹90.76 per liter

Chennai

Petrol: ₹100.75 per liter
Diesel: ₹92.34 per liter

Jaipur

Petrol: ₹104.72 per liter
Diesel: ₹90.21 per liter

Bhopal

Petrol: ₹106.52 per liter
Diesel: ₹91.89 per liter

Raipur

Petrol: ₹99.44 per liter
Diesel: ₹93.39 per liter

Chandigarh

Petrol: ₹94.24 per liter
Diesel: ₹82.40 per liter

gold Silver

According to commodity expert Ajay Kedia, gold can increase from Rs 1.60 lakh per 10 grams to Rs 1.90 lakh. Silver is Rs 2.67 lakh per kg which can increase to Rs 3.50 lakh. During times of war, investors consider gold as safe.

March 1, 2026: Stability in gold prices

There was no major fluctuation in gold prices on March 1, 2026. According to the Indian Bullion and Jewelers Association (IBJA), the prices of 10 grams of gold were as follows:

24 carat: ₹1,59,097
22 carat: ₹1,45,733
18 carat: ₹1,19,323
14 carat: ₹93,072
(Note: Price Rs/10 gm | Source: IBJA)

24 carat gold rate in major cities of the country (Rs/10 grams)

Delhi: ₹1,61,720
Jaipur: ₹1,61,720
Lucknow: ₹1,61,720
Patna: ₹1,61,620
Ahmedabad: ₹1,61,620
Bhopal: ₹1,61,620
Mumbai: ₹1,61,570
Kolkata: ₹1,61,570
Raipur: ₹1,61,570
Chennai: ₹1,62,550

(Note: Price 24 carat, Rs/10 gram | Source: goodreturns)

Where is the most expensive, where is the cheapest?

In Chennai, 24 carat gold was the most expensive at ₹ 1,62,550 per 10 grams. Whereas in Mumbai, Kolkata and Raipur it was relatively cheaper at the level of ₹ 1,61,570. This difference in gold prices depends on local tax and Jewelers Association prices.