Fuel Prices Today: Petrol, Diesel Unchanged Amid 17% Drop In Crude After U.S.-Iran Ceasefire

The prices of petrol and diesel remained unchanged on April 8 despite a massive fall of up to 17% in international crude oil prices due to the ceasefire accord between the U.S. and Iran.

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According to industry pricing data, petrol in Delhi was steady at ₹94.77 per litre, while diesel held at ₹87.67 per litre. Oil marketing companies (OMCs) revise retail fuel prices based on a 15-day rolling average of international crude prices, delaying immediate pass-through of global price movements.

City-Wise Petrol And Diesel Prices 

Note: Prices at state-run outlets. Private retailers may charge ₹5–₹25 higher.

Crude Oil Sees Sharp Decline

Global oil benchmarks recorded one of the steepest intraday declines after the ceasefire announcement. Brent oil was within the bracket of $92.30 and $95.37 per barrel; the price dropped by approximately 13% and 16%. Meanwhile, U.S. WTI crude oil declined from its current position to $94.85 and $96.17 per barrel, declining by roughly 16% and 17%.

This price drop came after confirmation of a two-week truce, which is dependent on. The development removed a significant geopolitical risk premium that had pushed prices above $110 per barrel in recent weeks.

Impact On Domestic Fuel Prices

Crude oil needs in India are met by more than 85% imports, which means that Indian fuel prices are susceptible to international dynamics. Nevertheless, prices remain stable in the short run owing to the price averaging approach adopted by OMCs.

Privately owned fuel stations keep prices higher than government-owned stations owing to a previous hike in international crude oil prices. The price differential now stands at about ₹5 – ₹25 per liter.

Broader Market Developments

The global stock markets responded well to reduced geopolitical concerns. The significant rise of more than 4%–5% was seen in some major indices of Asia, whereas US futures gained momentum after the news of the ceasefire.

The fall in crude oil prices is bound to reduce the upward pressure on inflation. But it will not impact much because of the Indian rupee still holding close to ₹94.70 to the dollar.

Given that crude oil prices hold at their current level, the prices of petrol and diesel in India may face a cut when the pricing cycle begins again.