Petrol and diesel rates in India's domestic market India remained stable on Wednesday, 22 April, with marginal change seen in Gurugram, Jaipur and Bhubaneshwar. Extending a period of stability, government intervention since the outbreak of West Asia conflict have helped cushion consumers from international price pressures.
However, other fuels such as domestic and commercial LPG, aviation turbine fuel (ATF) and premium petrol have witnessed noticeable increases over the past few weeks due to disruptions in global crude supply. Brent crude oil almost doubled since Iran conflict with US-Israel began on 28 February. The spike in prices was driven by supply concerns and disruptions in the Strait of Hormuz, the critical waterway through which almost one-fifth of the world's oil and gas exports takes place.
Despite global volatility in crude oil markets, retail fuel rates have largely remained steady across the country as can be seen below:
According to the head of the International Energy Agency (IEA), Middle East conflict is creating the worst energy crisis ever faced by the world. IEA head Dr Fatih Birol said, “This is indeed the biggest crisis in history,” in an interview with France Inter radio on Tuesday.
This war has choked up maritime traffic in the strategic waterway and has followed the effects of Russia's war with Ukraine, which had already severed Russian gas supplies to Europe.
Impact of ceasefire extension on Indian stock market
The US President Donald Trump on Tuesday extended the ceasefire with Iran but on Wednesday, the Indian stock markets opened lower. Tehran's recent rejection of Washington's conditions for ceasefire talks brought in cautious trend in the market.
The Nifty 50 dropped 0.5 per cent to 24455.90 points by around 120 points in early trade. Meanwhile, the BSE Sensex slipped to 78,766.65 points by around 480 points. With the Nifty IT index under pressure following weak earnings from HCL Tech and Tata Elxsi, most major sectoral indices traded lower.
Head of research at SBI Securities, Sunny Agrawal, said the global backdrop remains tense as "uncertainty persists over the exact expiry of the US-Iran ceasefire and Tehran's willingness to join the next round of negotiations," NI reported. Investors now eye the RBI MPC Meeting Minutes and the UK's March 2026 CPI and Core CPI data for further directional cues as both the events are scheduled for April 22.
