Petrol and diesel prices in India remained stable despite global fuel price pressures due to the Strait of Hormuz blockade and US-Iran tensions. Crude oil prices rose due to tensions in the Strait of Hormuz, affecting the rupee and market sentiments with a notable decline in Sensex and Nifty. Petrol and diesel prices remained stable on May 5 as the Centre intervened amid a global energy crisis.(PTI) Petrol and diesel prices remained stable on Tuesday, unaffected by global energy crisis as the Centre intervened to cushion domestic consumers against price pressures. The disruption in energy supply chain triggered the steep rise in fuel prices across the world. The blockade of the critical trade route — the Strait of Hormuz, through which roughly one-fifth of the world’s oil and gas exports take place, resulted in fuel supply shortage.
Since the onset of West Asia war, this strategic waterway has been a major sticking point in Iran’s peace talks with the United States. As the US and Iran traded blows over the narrow Gulf waterway, crude oil prices remained elevated despite marginal drop on Tuesday. Brent crude oil is trading around $113 per barrel after Monday’s gains which suggests that its price is down by 1.10% from the previous day.
Check latest petrol prices across cities on May 5 City Price Price Change New Delhi ₹94.77 0.00 Kolkata ₹105.41 -0.04 Mumbai ₹103.54 0.00 Chennai ₹100.84 0.00 Gurgaon ₹95.31 +0.01 Noida ₹94.90 +0.13 Bangalore ₹102.96 +0.04 Bhubaneswar ₹101.03 -0.08 Chandigarh ₹94.30 0.00 Hyderabad ₹107.50 +0.04 Jaipur ₹104.72 -0.22 Lucknow ₹94.69 -0.04 Patna ₹105.34 +0.11 Thiruvananthapuram ₹107.48 0.00 Check latest Diesel prices across cities on May 5
City Price Price Change New Delhi ₹87.67 0.00 Kolkata ₹92.02 0.00 Mumbai ₹90.03 0.00 Chennai ₹92.39 0.00 Gurgaon ₹87.78 +0.01 Noida ₹88.01 +0.12 Bangalore ₹90.99 0.00 Bhubaneswar ₹92.60 -0.09 Chandigarh ₹82.45 0.00 Hyderabad ₹95.70 0.00 Jaipur ₹90.21 -0.20 Lucknow ₹87.81 -0.05 Patna ₹91.60 +0.11 Thiruvananthapuram ₹96.48 0.00 Oil-importing economies like India are feeling the pressure as the rupee depreciated 20 paise to 95.43 against US dollar in early trade on 5 May. Rupee breached its April 30 low of 95.3337 after fresh clashes between the US and Iran.
“With oil boiling rupee on Monday fell to a closing low of 95.0875 and this morning the opening was still lower as it becomes more and more vulnerable when dollar index rises due to safe-haven buying and oil prices rise due to the continuous fighting in the Gulf Region,” PTI quoted Head of Treasury and Executive Director at Finrex Treasury Advisors LLP, Anil Kumar Bhansali, as saying.
He added, the higher oil prices will keep rupee sold off against the dollar as oil companies and FPIs intensify dollar buying.
Market sentiments remain fragile due to the renewed military exchanges. According to forex traders, instability in the Gulf contributed to investor anxiety which is causing massive capital flight into safe-haven assets, with the US dollar benefitting the most.
As the two nations wrestled to control maritime traffic across the Strait of Hormuz, Sensex declined 361.62 points to 76,907.78 in early trade, while the Nifty dropped 134.90 points to 23,980.60.
Is IPEF losing relevance under Trump’s aggressive trade strategy? Think tank Global Trade Research Initiative (GTRI) on Tuesday said that the Indo-Pacific Economic Framework for Prosperity (IPEF), a 14-member grouping including India, the US and Australia, is losing relevance under US President Donald Trump’s aggressive trade strategy. Launched jointly by the US and other Indo-Pacific partner countries on 23 May 2023, in Tokyo, the IPEF seems to hold “little practical role in the near term”.
It made these remarks citing US President Donald Trump’s approach centred on high tariffs, aggressive use of Section 301 investigations, and quick bilateral deals which stand in sharp contrast to IPEF’s cooperative, non-binding structure.
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