The ongoing war in the Middle East, particularly involving Iran, has driven crude oil prices sharply higher, which is the primary mechanism causing gas prices to surge above $8 per gallon in California and elevated petrol prices in Delhi and Rajouri Garden.

CURRENT STATE

Gas prices in California have surged over $8 per gallon at multiple locations, prompting a state investigation into price gouging. In Rajouri Garden, Delhi, petrol prices stand at ₹97.34 per litre as of March 22, 2026, slightly decreased but still high compared to earlier months. Domestic LPG prices in Delhi and Rajouri have risen significantly, reflecting increased energy costs linked to the Middle East conflict. Market reactions include a four-week losing streak and concerns over inflationary pressures on consumers.

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