Petrol and diesel prices remained mostly steady in India’s major cities, even as the global energy crisis intensified due to the near-halt of trade through the vital Strait of Hormuz.
Oil prices have risen sharply since February 28, when the US and Israel launched strikes on Iran.
Meanwhile, U.S. stocks rose on optimism that the month-long conflict could soon be resolved, with Brent crude futures settling 3.2% lower at $103.97 a barrel.
Oil Marketing Companies (OMCs) update fuel prices daily at 6:00 AM. However, despite the previously mentioned changes, the rates of regular gasoline and diesel, which make up the majority of the day’s sales at gas stations, have remained largely stable.
Here are the petrol and diesel prices in major Indian cities as of Tuesday 1st.
The global oil market is experiencing intense volatility, with prices hovering near all-time highs as the world comes to terms with the impact of the US-Iran conflict and the ongoing closure of the Strait of Hormuz.
Brent crude is currently around $113.82 per barrel, WTI crude is $105.12 per barrel.
In other cases, the closure of the strait pushed average US gas prices above $4 a gallon, and US strikes hit the central city of Isfahan, sending a huge fireball skyward. Tehran attacked a fully loaded Kuwaiti oil tanker in the Persian Gulf, AP reported.
Meanwhile, the U.S. dollar index, which tracks the greenback’s strength against a basket of six currencies, rose 0.1% to 99.8070 after posting its steepest one-day drop since March 19 on Tuesday.
The move came as traders reassessed the likelihood that the Federal Reserve could act on policy earlier than expected, rather than remaining inactive for the rest of the year.
In the cryptocurrency market, Bitcoin fell 0.3% to $67,988.87, while Ether fell 0.2% to $2,100.94.
Iran-US War: What’s Latest?
US President Donald Trump on Tuesday criticized allies for not doing more to support the US war effort against Iran, telling them to “go get their own oil” and saying it was not America’s responsibility to secure the Strait of Hormuz, the AP reported.
He added that US military operations could end within two to three weeks and said the US “will have nothing to do” with what happens next in the strait, which has been blocked by Iran. According to Trump, the responsibility to keep the strategic waterway open falls on the countries that depend on it.
(With input from agencies)
