Fuel prices were little changed in major Indian cities on Wednesday despite geopolitical uncertainty in energy-producing regions of the Middle East due to Iran’s ongoing conflict with the US and Israel. Petrol and diesel prices remained steady on March 25, even as volatility in Brent crude prices affected fuel prices around the world. Let’s take a look at the prices of petrol and diesel in the city:
The conflict in the Middle East is now in its fourth week with reports that the US is pushing for a month-long ceasefire, oil prices fell on Wednesday. According to Reuters, there is a possibility of resuming oil exports from the Persian Gulf, as the US has sent a fifteen-point plan to Iran for discussion.
US President Donald Trump stressed on Tuesday that negotiations to end the war are progressing. He suggested that the US was getting an important concession from Tehran. However, Tehran has denied reports of any direct talks.
Brent crude futures fell from $101.4 a barrel to $98.30, down nearly 6%. In particular, Brent crude was around $70 at the end of February, before the outbreak of conflict in West Asia. Meanwhile, S&P 500 futures were up 0.9% in the morning in Asia and European futures were up 1.2%.
Kerry Craig, global market strategist at JP Morgan Asset Management in Melbourne. “The market is trading on headlines at the moment. Despite the sharp drop in oil prices, he added: “So there is a positive tone. The difficulty now is … it’s still unclear where it actually comes from and whether there is anything substantial in terms of a ceasefire,” Reuters reported.
“Rupee’s range for Wednesday is expected to be 93.65 to 94.25,” says expert
Persistent FPI outflows continue to weigh on the INR, according to Finrex Treasury Advisors LLP Head of Treasury and Managing Director Anil Kumar Bhansali. On the rupee’s slide against the US dollar, he added, “A strong US dollar is keeping emerging market currencies weak and the INR has depreciated by about 4.5 percent during the month. The rupee’s range for Wednesday is expected to be 93.65 to 94.25,” PTI reported. At the same time, the outflow of foreign funds further burdened the rupee.
Besides, queues of motorists were seen lining up at gas stations in several Indian cities on Tuesday to refuel their vehicles amid uncertainty over fuel supply.
