Petrol and Diesel Prices on April 1 Remain Steady Despite Global Oil Volatility

Petrol and Diesel Prices on April 1 Remain Steady Despite Global Oil Volatility​

Fuel Rates Hold Firm Across Major Cities​

Petrol and diesel prices remained largely unchanged across major Indian cities on April 1, even as global oil markets continued to experience significant volatility due to escalating tensions in the Strait of Hormuz.
Oil marketing companies update fuel prices daily at 6 AM, but rates for regular petrol and diesel, which account for the bulk of retail fuel sales, have shown stability despite recent global developments.

Latest Petrol and Diesel Prices in Key Cities​

Here are the fuel prices recorded across major metros:

Global Oil Market Sees Sharp Swings​

The global energy market remains under pressure as geopolitical tensions disrupt supply chains. The near halt of trade through the Strait of Hormuz has intensified concerns, pushing oil prices close to historic highs.
Brent crude is currently trading around $113.82 per barrel, while West Texas Intermediate crude stands at $105.12 per barrel. However, in the latest session, Brent crude futures settled 3.2% lower at $103.97 per barrel amid optimism that the ongoing conflict may ease.

Impact of US-Iran Conflict on Energy Markets​

Oil prices have surged significantly since February 28, when the United States and Israel launched strikes on Iran. The conflict has disrupted key shipping routes and heightened uncertainty in global energy markets.
The closure of the Strait of Hormuz has also driven up fuel costs globally, with average US gas prices rising above $4 per gallon.
In a major escalation, US strikes targeted Iran’s central city of Isfahan, while Tehran reportedly attacked a fully loaded Kuwaiti oil tanker in the Persian Gulf, further intensifying the situation.

Currency and Crypto Market Movement​

The US dollar index edged up 0.1% to 99.8070 after witnessing its steepest single-day decline since March 19. The movement reflects shifting expectations around Federal Reserve policy decisions.
Meanwhile, cryptocurrencies showed mild weakness. Bitcoin declined 0.3% to $67,988.87, while Ether slipped 0.2% to $2,100.94.

Latest Update on the Iran-US Conflict​

US President Donald Trump criticized allied nations for not contributing enough to the ongoing war effort against Iran. He stated that it is not the responsibility of the United States to secure the Strait of Hormuz and urged other countries to manage their own energy security.
Trump also indicated that US military operations could conclude within two to three weeks, adding that the responsibility to keep the strategic waterway open would lie with countries that depend on it.