Petrol and Diesel Prices Remain Unchanged on April 1; Brent Crude Trades at Over $110 a Barrel

Petrol and diesel prices remained unchanged across major cities in the country on April 1, even as Brent crude oil was trading at over $110 a barrel, owing to disruptions in global oil supply, according to oil marketing companies (OMCs). 

The oil marketing companies revise fuel prices every day at 6 AM, and the revision for April 1 showed no change in the prices for major cities across the country. Brent crude oil was trading at over $110 a barrel, and West Texas Intermediate (WTI) crude oil was trading at $105 a barrel.

Invest in Indian Markets and Unlock Future Potential With 5paisa!

Open Account Now

Fuel Prices In Major Cities

The unchanged domestic fuel prices come at a time when international oil markets are witnessing sharp fluctuations. Brent crude has been trading around $113.82 per barrel, whereas WTI crude has been trading around $105.12 per barrel, according to global commodity market data.

Global Oil Market Volatility

Oil prices have risen after disruptions in the Strait of Hormuz, which is a major global shipping route for crude oil. The recent conflict between the U.S. and Iran has led to major oil supply concerns, causing volatility in oil prices.

According to global oil data, Brent crude oil was trading 3.2% lower at $103.97 per barrel in the previous session, indicating volatility in oil prices. The disruptions have led to U.S. gasoline prices rising above $4 per gallon.

Currency And Market Cues

The U.S. Dollar Index has increased by 0.1% and is currently trading at 99.8070, showing a positive development in the value of the U.S. Dollar relative to other currencies in the world.  At the same time, cryptocurrencies have recorded a dip in prices, with Bitcoin at $67,988.87, down 0.3%, and Ether at $2,100.94, down 0.2%.

Despite all this global activity, retail fuel prices have continued to hold steady in the country, with OMCs adjusting them according to a combination of factors.

The current price stability indicates that domestic fuel rates have not yet reflected the full impact of recent global oil price movements, even as international markets continue to remain volatile.