Petrol-Diesel Price Today: Will the Crash in Crude Oil Prices Impact Petrol and Diesel Rates Today? Check Today's Per-Liter Price
Petrol-Diesel Price Today: Following President Trump's announcement to postpone a potential military strike on Iran for two weeks, crude oil prices in international markets have dropped below the $100 mark.
Petrol-Diesel Price Today: Today, April 8, despite a sharp decline in crude oil prices in the international market, retail petrol and diesel prices in major Indian cities currently remain stable. India's three major Oil Marketing Companies (OMCs)—Indian Oil Corporation (IOC), Bharat Petroleum Corporation Limited (BPCL), and Hindustan Petroleum Corporation Limited (HPCL)—revise fuel prices daily based on fluctuations in global crude oil rates and foreign exchange rates. However, in recent days, these companies have not made any changes to standard fuel prices.
Crude Oil Prices Drop
US President Donald Trump has decided to postpone a potential attack on Iran for two weeks. He has also proposed a "two-sided ceasefire," subject to the condition that Iran fully and safely reopens the Strait of Hormuz. Since 20 percent of the world's crude oil passes through this route, its closure has caused oil prices to skyrocket. Now, Trump's announcement has, to some extent, alleviated market concerns regarding energy supply.
Coinciding with this announcement by Trump, the price of West Texas Intermediate (WTI)—the U.S. crude benchmark—fell by up to 17 percent today, hovering near the $ 95-per-barrel mark. Meanwhile, Brent crude also tumbled by approximately 16 percent, reaching the $92 level.
Petrol and Diesel Prices in Major Cities
| City | Petrol (Price per Liter) | Diesel (Price per Liter) |
|---|---|---|
| Delhi | ₹94.77 | ₹87.67 |
| Mumbai | ₹103.54 | ₹90.03 |
| Kolkata | ₹105.45 | ₹92.02 |
| Chennai | ₹100.80 | ₹92.39 |
| Bengaluru | ₹102.92 | ₹90.99 |
| Lucknow | ₹94.65 | ₹87.76 |
| Jaipur | ₹104.88 | ₹90.36 |
| Patna | ₹105.18 | ₹92.04 |
| Guwahati | ₹93.23 | ₹89.46 |
Why Haven't Prices Dropped?
Following the sharp decline in crude oil prices in international markets, the question naturally arises: why have petrol and diesel prices within the country not gone down? In fact, it typically takes about 7 to 10 days for the impact of falling prices in the global market to become visible at domestic petrol pumps. Market analysts believe that if crude oil prices remain below $95 for an extended period, state-run oil companies could soon announce price cuts for the general public.
