US Eases Iran Oil Sanctions; Global Crude Stable, Indian Fuel Prices Mostly Unchanged
Amid Middle East unrest and supply disruptions, the US eased Iran oil sale sanctions, helping keep Brent crude steady at $112. In India, petrol, diesel, CNG, and PNG prices remain stable. However, domestic LPG prices increased to Rs 912.50, although the Petroleum Ministry confirmed eased panic buying and a 40% rise in production, ensuring no shortages. Shipping movements are also reported safe.
The ongoing Middle East unrest has severely disrupted global crude oil and feedstock supplies, compelling numerous refineries and petrochemical companies to curtail operations or declare force majeure. Particularly affected are Asian steam crackers, which rely heavily on Middle Eastern naphtha. To mitigate potential price hikes, the US has relaxed sanctions on Iran's oil sales. Consequently, Brent crude futures for May held firm at $112 per barrel, while West Texas Intermediate (WTI) traded in the $97-$98 range.In the Indian market, most fuel prices have remained stable. Diesel was priced at Rs 90.03 per litre on March 21, staying unchanged nationwide for the past 12 months. Petrol, at Rs 103.54 per litre, has shown only slight fluctuations, with premium petrol recently increasing by Rs 2. CNG prices have been steady at Rs 77 for the last 12 months, and PNG prices have remained constant at Rs 50 since October.However, domestic LPG prices have seen an increase, reaching Rs 912.50, up from Rs 853.50 last month. Despite this, the Ministry of Petroleum and Natural Gas assured that panic buying among household consumers has eased, reporting a 40% increase in LPG production and confirming no shortages at retail outlets. Over the past 12 months, LPG prices have risen by a total of Rs 60, with prices varying across cities (e.g., Patna at Rs 1,002.50, Noida at Rs 910.50). Additionally, the Ministry of Ports, Shipping and Waterways confirmed the safety of Indian ships and seafarers, with no reported port congestion.
