Crude oil prices shoot above $103 per barrel as Iran war supply disruption continues; India’s petrol, diesel prices stable
Kartavya Desk Staff
Oil prices rose sharply on Tuesday as tensions in the Middle East continued to raise concerns over supply disruptions. Brent crude jumped over 3 US Dollars to hover above $103 a barrel by on Tuesday afternoon, while US West Texas Intermediate (WTI) also gained over 3 USD to surge above $97. The volatility in the global market has, however, not led to any destabilisation of fuel prices in India. ### Fuel Price Snapshot: India's Four Metro Cities Crude oil prices have remained above or around the $100 per barrel mark over the last few days as supply has been disrupted due to the conflict in West Asia. Concerns have also increased over the Strait of Hormuz, as Iran continues to control the passage. The Strait of Hormuz is a crucial shipping route that carries nearly 20 per cent or one-fifth of the world’s oil and liquefied natural gas trade. “The risks remain stark: It only takes one Iranian militia to fire a missile or plant a mine on a passing tanker to reignite the entire situation,” IG market analyst Tony Sycamore told Reuters in a note. Although fuel petrol and diesel prices in India have not increased substantially, there LPG cylinder prices have increased and there is a shortage as well. ## Impact of West Asia war on India Indian markets, meanwhile, opened on a flat note. The Nifty 50 was down 0.06 per cent at 23,393.10, while the BSE Sensex slipped 0.08 per cent to 75,435.94 as of 9:17 am IST. India’s diplomatic engagement with Iran has given it an advantage in times like these. On Monday, Shipping Corporation of India’s (SCI) LPG tanker Shivalik—with over 46,000 tonnes of LPG, arrived at the Mundra port in Gujarat. Another one of SCI’s LPG tankers—Nanda Devi—and Great Eastern Shipping Company’s crude oil tanker Jag Laadki are expected to arrive at Kandla and Mundra ports, respectively, today (Tuesday). US President Donald Trump has also called on countries that benefit from the vital oil shipping route to deploy warships to keep the Strait of Hormuz open. His statement also included China – as it gets 90% of its oil from the Straits. He said that cooperation from countries that rely on the Strait of Hormuz was important to ensure safe passage for energy supplies. ## Petrol and diesel prices Petrol and diesel prices in India have remained stable, with only a few cities registering marginal fluctuation. ### Petrol & Diesel Prices Across Indian Metro Cities & State Capitals City | Petrol (₹) | Diesel (₹) | Petrol Δ | Diesel Δ New Delhi | 94.77 | 87.67 | — | — Kolkata | 105.45 | 92.02 | — | — Mumbai | 103.54 | 90.03 | — | — Chennai | 100.80 | 92.39 | — | — Gurgaon | 95.51 | 87.98 | — | — Noida | 94.90 | 88.01 | −0.22 | −0.28 Bangalore | 102.99 | 91.06 | — | — Bhubaneswar | 101.19 | 92.77 | — | +0.01 Chandigarh | 94.30 | 82.45 | — | — Hyderabad | 107.46 | 95.70 | −0.04 | — Jaipur | 105.11 | 90.56 | −0.02 | −0.01 Lucknow | 94.72 | 87.85 | +0.03 | +0.04 Patna | 105.43 | 91.67 | +0.20 | +0.18 Thiruvananthapuram | 107.48 | 96.38 | — | — ### Petrol Prices: Most Expensive vs Cheapest Cities in India