India fuel prices hold steady as Hormuz crisis keeps crude markets volatile

India’s retail petrol and diesel prices were unchanged on April 6, even as global crude markets stayed volatile because of supply-disruption fears tied to the conflict in West Asia.

Business Today reported that prices across major Indian cities held steady at the start of the new financial year. The reported rates included Delhi petrol at Rs 94.77 per litre and diesel at Rs 87.67 per litre.

The broader oil market remains under pressure. Financial Express reported that Brent crude was trading above $110 per barrel, with gains driven by fears over supply disruptions linked to the US-Israel-Iran conflict and the Strait of Hormuz.

India has already been preparing for that risk. A Press Information Bureau briefing on March 28 said the country had adequate crude inventories, sufficient petrol and diesel stocks, and higher domestic LPG production. It also said commercial LPG allocation had been raised to 70% of pre-crisis levels.

Earlier, a March 9 government order said LNG shipments had been disrupted through the Strait of Hormuz and that gas supplies would be regulated for priority sectors including domestic PNG, CNG, fertilizer production and LPG production.

AP reported on April 6 that Israeli and US attacks on Iran killed more than 25 people and that a Trump deadline over reopening the strait was looming as mediators circulated a ceasefire proposal.

For now, India’s pump prices are stable, but the global backdrop leaves room for more volatility if crude prices stay elevated.