Crude Oil Prices Plummet Amid US-Iran Ceasefire, Fuel Rates Remain Steady in India
As crude oil price crashes amid US-Iran ceasefire, check petrol and diesel rates in your city today
The Economic Times
Image: The Economic Times
Crude oil prices fell below $100 a barrel following a US-Iran ceasefire announcement, with Brent crude dropping 13.6% to $94.43. Despite this decline, petrol and diesel prices in major Indian cities remained unchanged on April 8, 2026, as the government aims to stabilize fuel costs.
- 01Brent crude oil prices dropped $14.84 to $94.43 per barrel.
- 02Despite falling crude prices, petrol and diesel rates in India remained stable.
- 03Private fuel retailers like Shell India have increased fuel prices recently.
- 04Bengaluru saw significant hikes in fuel prices, with petrol rising by ₹7.41 per litre.
- 05Fuel prices are influenced by global markets, local taxes, and exchange rates.
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On April 8, 2026, crude oil prices experienced a significant drop, with Brent crude falling 13.6% to $94.43 per barrel and WTI declining 14.3% to $96.82. This decrease followed US President Donald Trump's announcement of a two-week ceasefire with Iran, providing relief to the global economy. Despite this drop in crude oil prices, petrol and diesel rates across major Indian cities remained unchanged. In Delhi, petrol is priced at ₹94.77 per litre and diesel at ₹87.67 per litre. However, private fuel retailers, such as Shell India, have recently raised prices, with petrol in Bengaluru now costing ₹119.85 per litre, reflecting a ₹7.41 increase. Diesel prices in Bengaluru have surged by ₹25.01, now priced at ₹123.52 per litre. The Indian government has indicated that fuel prices are likely to remain stable for the time being, despite fluctuations in the international oil market.
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While crude oil prices have fallen, the recent price hikes by private retailers may affect consumers' monthly budgets, especially in cities like Bengaluru where petrol and diesel prices have surged significantly.
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