Fuel prices across India remained unchanged on April 24 despite volatility in global crude oil markets driven by tensions in West Asia and disruptions to major shipping routes.
Oil marketing companies update fuel prices daily at 6 AM based on international crude rates and currency fluctuations, aiming to reflect real-time market conditions and ensure transparency for consumers.
In Delhi, petrol is priced at ₹94.77 per litre and diesel at ₹87.67 per litre. In Mumbai, fuel remains costlier, with petrol at ₹103.50 per litre and diesel at around ₹90.03 per litre.
In other major cities like Bengaluru, Hyderabad, and Kolkata, petrol prices continue to stay above ₹100 per litre, while diesel rates remain below the ₹100 mark.
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Oil prices climbed for a fifth consecutive day amid rising concerns that the U.S. and Iran were making little progress in restarting talks to de-escalate tensions, effectively keeping the Strait of Hormuz shut to major shipping, Bloomberg reported.
Brent crude, the international oil benchmark, rose 0.9% to $106 per barrel, pushing its gains for the year to roughly 74%. The commodity is on track for its largest weekly increase since the first week of the conflict, as the closure of the strait continues to disrupt oil supplies from the Middle East to global markets.
While financial markets have been volatile due to geopolitical risks, corporate earnings have stayed strong. Data compiled by Bloomberg shows that nearly 80% of companies in the U.S. equity benchmark have exceeded first-quarter profit expectations so far, Bloomberg reported.
Middle East crisis: What's latest?
U.S. President Donald Trump said he has ordered the military to "shoot and kill" Iranian small boats that are disrupting traffic in the Strait of Hormuz. In a social media post on Thursday morning, he added that mine-clearing operations in the key waterway are being stepped up. The move further escalated tensions between the U.S. and Iran in the Persian Gulf and raised concerns about ongoing peace efforts, AP reported.
Later the same day, Trump noted that Israel and Lebanon had agreed to extend their ceasefire involving Hezbollah by three weeks following talks at the White House. It was the second high-level meeting between the two sides in a week. The original 10-day ceasefire, which began last Friday, was scheduled to end on Monday.
The standoff between the U.S. and Iran has effectively choked off nearly all exports through the Strait of Hormuz, where 20% of the world's traded oil passes in peacetime, with no end in sight.
Meanwhile, the U.S. military said it had seized another tanker on Thursday, the Majestic X, in the Indian Ocean, alleging it was involved in smuggling Iranian oil. The incident added to growing uncertainty over efforts to de-escalate the conflict.
The seizure reportedly came a day after Iran targeted three cargo ships in the Strait of Hormuz and took control of two of them. Ship-tracking data indicated that the Majestic X was located in the Indian Ocean between Sri Lanka and Indonesia.
(With inputs from agencies)