Petrol and diesel prices in India remained steady on April 23, 2026 despite significant volatility in global oil markets due to geopolitical tensions in West Asia.
Despite continued fluctuations in global oil prices, the Indian government has indicated that petrol and diesel rates are likely to remain stable for the time being. Oil marketing companies are said to absorb some of the volatility to prevent sudden increases in fuel prices for consumers.
Oil marketing companies revise fuel prices every day at 6 am, taking into account changes in international oil rates and movements in exchange rates. This daily pricing system is intended to maintain transparency and reflect market conditions for consumers in real time.
Oil extends gains amid Middle East war
Oil prices rose for a fourth straight day as tensions between the United States and Iran continued over control of the Strait of Hormuz after a new round of peace talks failed to be agreed.
Brent crude traded near $104 a barrel after rising nearly 13% over the previous three sessions, while West Texas Intermediate hovered around $95. US President Donald Trump has said the April 7 ceasefire will remain in place indefinitely as Washington awaits a new peace proposal from Iran, although Tehran has indicated it plans no immediate talks.
US stocks rose
U.S. stocks climbed to fresh record highs on Wednesday, driven by stronger early-year earnings from major firms including GE Vernova and Boston Scientific, among others.
Despite the gains, some caution remained on Wall Street as oil prices rose amid uncertainty over the ongoing conflict involving Iran.
The S&P 500 rose 1% to surpass its previous all-time high on Friday. The Dow Jones Industrial Average added 340 points, or 0.7%, while the Nasdaq Composite also hit a new record, advancing 1.6%.
Recent bullish momentum has been strong, with the S&P 500 posting gains in 13 of the last 16 trading sessions.
Iran-US War: What’s Latest?
Pakistan had planned to hold a second round of talks, but the White House reportedly suspended a planned visit by Vice President JD Vance to Islamabad after Iran refused to join the renewed talks, the AP reported.
Iran has acknowledged the extension of the ceasefire but has not indicated a willingness to participate in new talks to end the conflict, according to state television.
At the same time, Iran’s semi-official media reported that the Islamic Revolutionary Guard Corps launched an attack on a third vessel in the Strait of Hormuz on Wednesday, raising further doubts about diplomatic efforts to de-escalate tensions.
Nour News, Fars and Mehr reported that the ship, identified as Euphoria, remained stranded near Iran’s coast, although no further details were provided. Iran’s state television also said the Guard had already seized two other previously targeted vessels.
(With input from agencies)
