New Delhi. There is turmoil in the price of crude oil in the international market. The price of crude which was falling a day ago, is seeing a rise the next day. It was only two days ago when Iran said that the Strait of Hormuz has been completely opened for commercial ships. After this, the price of crude fell by 9 percent. But when Donald Trump’s statement came that the US Navy has seized an Iranian flagged cargo ship, after this the price of oil saw a rise. Now the price of crude oil is seeing a fall again.
Crude oil prices are seeing another decline on Tuesday morning. WTI crude oil prices fell by $0.87 per barrel to $86.63 per barrel. Brent crude oil prices are also seeing a decline, falling to $95.09 per barrel. Crude prices have remained volatile amid the ceasefire between Iran and Israel following the February 28th war. Oil prices are expected to remain volatile in the future. The closure of the Strait of Hormuz has disrupted the global supply chain, with 20% of the global oil market passing through this route.
Trump issued a warning:
Iran withdrew from the US-Iran talks scheduled for Monday in Pakistan, saying it would not bow to the US’s ever-increasing demands and threats. Following this, tensions between the two countries have once again reached a peak. The ceasefire, which began on April 8th, is set to expire on April 22nd. Angered by Iran’s withdrawal from the talks, Trump said that if the ceasefire ends on Tuesday evening without an agreement, “a lot of bombs will explode.”
The situation of petrol and diesel in the Indian market:
Fluctuations in crude oil prices are directly reflected in the prices of petrol and diesel. The recent surge in crude oil prices directly impacted the profits of oil companies. To manage this, the government reduced the pressure on oil companies by reducing excise duty, providing relief to the common man. If crude oil prices remain around $100 for a prolonged period, the impact could be felt by the common man.
Petrol-diesel rates
> Delhi: Petrol Rs 94.77, Diesel Rs 87.67 per litre
> Mumbai: Petrol Rs 103.54, Diesel Rs 90.03 per litre
> Chennai: Petrol Rs 100.84, Diesel Rs 92.48 per litre
> Kolkata: Petrol Rs 105.45, Diesel Rs 91.81 per litre
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