Fuel prices at the retail level in India continue to remain stable. State-owned oil marketing companies (OMCs) mostly kept rates unchanged to cushion consumers from continued swings in global markets. Despite significant volatility in international commodity prices, petrol and diesel rates at state-run outlets were not revised today.
As of 6:00 a.m., retail prices of petrol and diesel remain unchanged in major Indian cities.
Check fuel prices in your cities here:
CitiesPetrol ( ₹/liter)Diesel ( ₹/litre)New Delhi ₹94.77 ₹87.67 Bombay ₹103.50 ₹90.03 Bangalore ₹102.96 ₹90.99 Calcutta ₹105.41 ₹92.02 Chennai ₹100.90 ₹92.49 Luck ₹94.69 ₹87.81 Hyderabad ₹107.50 ₹90.03
Oil and gas plunge as Hormuz opens – check Brent crude price here
Oil and gas prices fell sharply in Europe after the planned reopening of the Strait of Hormuz fueled strong optimism that the US-Iran conflict may be coming to an end, which could ease disruptions to global energy markets, according to Bloomberg.
Brent crude futures fell 9.1% to around $90 a barrel, giving back some of the conflict-induced gains, while West Texas Intermediate fell to around $84. Meanwhile, European benchmark natural gas prices fell as much as 10% to close the day near €39 per megawatt hour, Bloomberg reported.
LPG demand eases, bookings fall to 46-50 lakhs, supply remains normal:
Demand for LPG is expected to moderate during the summer season, with bookings already seeing a decline, said Sujata Sharma, Joint Secretary (Marketing & Oil Refinery), Ministry of Petroleum and Natural Gas, during an inter-ministerial briefing on recent developments in West Asia on Friday.
It said LPG bookings fell to a range of 46 to 50 million, compared with levels of more than 50 million earlier, indicating a seasonal decline in demand.
Read also | India will continue to buy Russian oil and LPG after the US exemption ends
“In summer, yes, demand for LPG is expected to drop. Bookings have come down and now we are seeing bookings in the range of 46 to 50 million, which was more than 50 million earlier,” she said.
Despite the decline in demand, the government has assured that domestic supply remains stable. Sharma said there are no reports of LPG shortage at the distributor level and supplies are continuing as usual.
“Our domestic supply of LPG, including petrol and diesel, is normal. There have been no reports of LPG drying up at any distributor,” she said.
Middle East War: What’s Latest?
Iran briefly reopened the Strait of Hormuz on Friday after a ceasefire deal in Lebanon, boosting hopes for renewed peace talks. But Tehran has warned it could close the vital shipping route again if the US Navy maintains its blockade of Iranian ports.
Read also | US Iran War LIVE: Strait of Hormuz reopens, but blockade remains
US President Donald Trump, whose joint military action with Israel against Iran began on February 28, left thousands dead and effectively closed the strait, told a crowd in Arizona that Araqchi’s statement signaled “a great and great day for the world”.
But Trump said the US blockade of ships sailing to Iranian ports, announced after talks with Iran ended without a deal last weekend, would remain in place until “our transaction with Iran is 100% complete”.
Our domestic supply of LPG including petrol and diesel is normal.
Wall Street broke records on Friday after Iran’s announcement to reopen the Strait of Hormuz sent oil prices tumbling from a peak of nearly $120 a barrel to $90.38 for Brent crude.
(With input from agencies)
Key things
- Global oil prices are affected by geopolitical events such as the conflict between the US and Iran.
- Despite international price fluctuations, Indian fuel prices have remained stable.
- Demand for LPG usually declines during the summer, but domestic supply remains unaffected.
