Fuel prices in major Indian cities remained unchanged on Wednesday, May 6, despite a sharp rise in global oil prices driven by the ongoing conflict in West Asia. Petrol and diesel prices remained stable in cities such as Delhi, Mumbai, Chennai, Kolkata, Bengaluru and Hyderabad.
Meanwhile, the Indian rupee weakened by 39 paise to hit a record low of 95.23 against the US dollar on Monday.
Middle East Conflict: What’s Latest?
Oil prices fell for a second straight day on Wednesday on expectations that supply constraints in the Middle East could ease. This follows from the statements of US President Donald Trump, who proposed a potential peace agreement to end the conflict with Iran.
Brent crude futures for July were down $1.52, or 1.38%, at $108.35 a barrel by 01:03 GMT, after falling 4% in the previous session. Similarly, U.S. benchmark West Texas Intermediate futures for June fell $1.50, or 1.47%, to $100.77 after falling 3.9% a day earlier.
On Tuesday, Trump said he would temporarily suspend the operation to escort ships through the Strait of Hormuz and pointed to progress toward a broader deal with Iran. However, he did not provide specific details.
Iranian FM will visit China
Meanwhile, Iranian Foreign Minister Seyyed Abbas Araghchi is set to visit China on Wednesday, May 6, to discuss bilateral relations and exchange views on regional and international developments with his Chinese counterpart.
According to a Chinese Foreign Ministry spokesman, Araghchi’s visit comes at the invitation of Chinese Foreign Minister Wang Yi, who will hold talks with the Iranian leader during his stay.
“The Minister of Foreign Affairs of Iran, Seyyed Abbas Araghchi, will visit China by invitation on May 6. He will be met by a member of the Political Bureau of the CPC Central Committee and Minister of Foreign Affairs Wang Yi,” the spokesman said in a post on X.
The IRNA news agency quoted Araghchi as saying: “Iran and Oman are two littoral states of the Strait of Hormuz, so mutual consultation is necessary – especially since safe passage through the strait has become a major global issue.”
The visits are part of a wider regional engagement between Tehran and its regional partners amid a crisis in West Asia over the Islamic Republic’s recent confrontation with the US and a power struggle between the two sides for virtual control of the Strait of Hormuz.
(With input from agencies)
