Stability in Fuel Prices on April 16, With Global Crude Oil Prices Below $95

The prices of petrol and diesel were stable in major Indian cities on April 16, as the price of global crude oil was below $95 per barrel due to efforts for rapprochement between the United States and Iran.

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

Open Account Now

Retail fuel prices at state-run outlets continued to hold steady, even as international benchmarks softened after recent volatility linked to the West Asia conflict.

Petrol And Diesel Prices In Major Cities

Fuel prices across key cities remained stable as of 6:00 AM on April 16, according to data from oil marketing companies.

Domestic LPG prices also remained unchanged, with a 14.2 kg cylinder priced at ₹913 in Delhi and ₹912.50 in Mumbai.

Commercial LPG And ATF Rates

Commercial LPG prices continued to remain elevated following revisions earlier this month. A 19 kg cylinder is priced at ₹2,078.50 in Delhi and ₹2,031.00 in Mumbai.

Aviation turbine fuel (ATF) for scheduled carriers is currently priced at around ₹1.04 lakh per kilolitre, while rates for non-scheduled operators had crossed ₹2.07 lakh per kilolitre earlier in April.

Global Crude Prices Ease

Global oil prices declined after recent gains, with Brent crude trading in the range of $94.75–$95.60 per barrel, while U.S. West Texas Intermediate (WTI) crude hovered between $90.90 and $91.90 per barrel.

As per Reuters reports, crude prices eased as the market anticipated the chances of restarting peace negotiations between the United States and Iran amidst disturbances like the blockading of Iran's ports.

Key Supply And Trade Concerns

One of the key trade routes and one of the major points in terms of concerns due to the current dispute is the Strait of Hormuz, which is responsible for transporting almost 20% of the world’s oil supply.

As per the IEA report, supply issues might arise if disputes continue in the region but fortunately, adequate inventory levels can prevent any immediate shortage problems.

Impact On Domestic Prices And Supply Measures

Due to dependency on crude oil from over 40 countries, India has been able to maintain fuel price stability in spite of any market instability.

It is also true that, according to information from the ministry, there are no shortages in fuel availability anywhere in the country.

Despite the impact of geopolitics on crude oil prices in international markets, retail prices of fuels have been stable due to their absorption of volatility by oil companies.