Petrol and diesel rates in India’s domestic market of India remained steady on Wednesday, April 22, with little change in Gurugram, Jaipur and Bhubaneshwar. Government interventions since the outbreak of the West Asian conflict have extended periods of stability and helped cushion consumers from international price pressures.
However, other fuels such as domestic and commercial LPG, aviation turbine fuel (ATF) and premium gasoline have seen a noticeable increase in recent weeks due to disruptions in global oil supplies. Brent crude has nearly doubled since the start of the Iran-US-Israel conflict on February 28. The rise in prices was driven by supply concerns and supply disruptions in the Strait of Hormuz, a critical waterway through which nearly one-fifth of the world’s oil and gas exports take place.
Despite global volatility in oil markets, retail fuel prices across the country have remained largely stable, as seen below:
According to the head of the International Energy Agency (IEA), the Middle East conflict is creating the worst energy crisis the world has ever faced. IEA chief Dr Fatih Birol said: “This is truly the biggest crisis in history,” in an interview with France Inter radio on Tuesday.
This war has choked shipping on the strategic waterway and followed the fallout from Russia’s war with Ukraine, which has already cut off Russian gas supplies to Europe.
Impact of ceasefire extension on Indian stock market
US President Donald Trump extended the ceasefire with Iran on Tuesday, but Indian stock markets opened lower on Wednesday. Tehran’s recent rejection of Washington’s terms for ceasefire talks has brought a cautious trend to the market.
The Nifty 50 was down 0.5 percent at 24,455.90, down around 120 points in early trade. Meanwhile, the BSE Sensex was down around 480 points at 78,766.65. With the Nifty IT index under pressure following weak earnings from HCL Tech and Tata Elxsi, most major sectoral indices traded lower.
SBI Securities head of research Sunny Agrawal said the global backdrop remains tense as “uncertainty remains over the exact expiration of the US-Iran ceasefire and Tehran’s willingness to join the next round of negotiations,” NI said. Investors are now watching the minutes of the RBI MPC meeting and the March 2026 UK CPI and Core CPI data for further directional cues as both events are scheduled for April 22.
