Fuel prices on Wednesday registered marginal change in major Indian cities despite geopolitical uncertainty in energy-producing regions of the Middle East due to ongoing Iran conflict with US and Israel. Petrol and diesel prices on 25 March remained steady even though volatility in brent crude prices has impacted fuel rates across the globe. Let's have a look at city-wise petrol and diesel prices:
City-wise petrol and diesel prices on 25 March
City Petrol ( ₹ /L) Diesel ( ₹ /L) Delhi ₹ 94.77 ₹ 87.67 Mumbai ₹ 103.12 ₹ 93.45 Kolkata ₹ 100.25 ₹ 88.90 Chennai ₹ 101.98 ₹ 90.88 Hyderabad ₹ 107.50 ₹ 95.70 Bengaluru ₹ 102 ₹ 91.20 Lucknow ₹ 94.69 ₹ 87.99 Ahmedabad ₹ 94.89 ₹ 90.30
The conflict in the Middle East is in its fourth week now with reports on the US is seeking a month-long ceasefire, oil prices fell on Wednesday. As per Reuters, there is possibility of resumption of oil exports out of the Persian Gulf as the US had sent a 15-point plan to Iran for discussion.
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US President Donald Trump on Tuesday emphasised that negotiation to end the war was progressing. He indicated that US is winning an important concession from Tehran. However, Tehran has denied reports of any direct talks.
Brent crude futures fell from $101.4 a barrel to $98.30, registering almost 6% drop. Notably, Brent Crude stood around $70 in late February, before the onset of West Asia conflict. Meanwhile, S&P 500 futures rose 0.9% in the Asia morning and European futures lifted 1.2%.
JP Morgan Asset Management's global market strategist in Melbourne, Kerry Craig said. “The market is trading the headlines at the moment.” Over the steep fall in oil prices, he added, “So there's a positive tone. The difficulty is now...there are still unknowns about where this actually goes from here and whether there's anything material in terms of a ceasefire,” Reuters reported
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‘Rupee range for Wednesday is expected to be 93.65 to 94.25,’ says expert According to Finrex Treasury Advisors LLP's Head of Treasury and Executive Director Anil Kumar Bhansali, persistent FPI outflows continue to pressure INR. Over the fall in rupee against the US dollar, he added, “A strong US dollar is keeping emerging market currencies weak, and the INR has weakened by about 4.5 per cent during the month. The rupee range for Wednesday is expected to be 93.65 to 94.25," PTI reported. At the same time, foreign fund outflows further weighed on the rupee.