Petrol and diesel prices stayed mostly stable across major Indian cities, even as a global energy crisis intensified due to the near halt of trade through the vital Strait of Hormuz.
Since the US and Israel launched strikes on Iran on February 28, oil prices have surged significantly.
Meanwhile, US stocks rose on optimism that the month-long conflict could soon be resolved, and Brent crude futures settled 3.2% lower at $103.97 per barrel.
Oil marketing companies (OMCs) update fuel prices daily at 6 AM. However, despite the changes mentioned earlier, the rates of regular petrol and diesel, which account for most daily sales at fuel stations—have remained largely steady.
Here are the petrol and diesel prices across major Indian cities as of Tuesday, April 1.
Check the table here:
City Petrol ( ₹ /L) Diesel ( ₹ /L) Delhi ₹ 94.77 ₹ 87.67 Mumbai ₹ 103.54 ₹ 90.03 Chennai ₹ 100.80 ₹ 92.39 Kolkata ₹ 105.41 ₹ 92.02
The global oil market is experiencing intense volatility, with prices hovering near historic highs as the world deals with the impact of the U.S.-Iran conflict and the ongoing closure of the Strait of Hormuz.
Brent crude is currently around $113.82 per barrel, while WTI crude stands at $105.12 per barrel.
In other developments, the closure of the strait sent average U.S. gas prices past $4 a gallon, and U.S. strikes hit the central city of Isfahan, sending a massive fireball into the sky. Tehran attacked a fully loaded Kuwaiti oil tanker in the Persian Gulf, AP reported.
Meanwhile, the US dollar index, which tracks the strength of the greenback against a basket of six currencies, edged up 0.1% to 99.8070 after posting its steepest one-day decline since March 19 on Tuesday.
The move came as traders reevaluated the likelihood that the Federal Reserve might act on policy sooner than expected, instead of remaining inactive throughout the year.
In the cryptocurrency market, Bitcoin fell 0.3% to $67,988.87, while Ether declined 0.2% to $2,100.94.
Iran-US war: What's latest? US President Donald Trump slammed allies on Tuesday for not doing more to support the U.S. war effort against Iran, telling them to “go get your own oil” and asserting that it was not America’s responsibility to secure the Strait of Hormuz, AP reported.
He added that US military operations could conclude within two to three weeks and stated that the US “will not have anything to do with” what happens next in the strait, which has been blocked by Iran. According to Trump, the duty of keeping the strategic waterway open falls to the countries that depend on it.