Petrol and diesel prices remained stable while markets showed optimism on May 4 after US President Donald Trump’s latest announcement. POTUS on Sundy vowed safe navigation for ships through the Strait of Hormuz.
Petrol and diesel prices remained steady on Monday while markets opened on an optimistic note on 4 May. Global oil prices jumped sharply after the Iran war with US and Israel began on 28 February. However, the Indian government continues to cushion consumers against volatility in the oil market worldwide.
Positive sentiment flooded the market after US President Donald Trump on Sunday said that Washington would guide ships not involved in the Iran conflict through the strategic waterway — Strait of Hormuz — from Monday. Even though there was no sign of progress in peace talks with Iran, the US will free up ships stranded in the critical trade route through which one-fifth of global exports take place.
Check petrol price in your city today
| City | Price | Price Change |
|---|---|---|
| New Delhi | ₹94.77 | 0.00 |
| Kolkata | ₹105.45 | +0.04 |
| Mumbai | ₹103.54 | 0.00 |
| Chennai | ₹100.84 | 0.00 |
| Gurugram | ₹95.30 | -0.14 |
| Noida | ₹94.77 | -0.13 |
| Bengaluru | ₹102.92 | 0.00 |
| Bhubaneswar | ₹101.11 | -0.05 |
| Chandigarh | ₹94.30 | 0.00 |
| Hyderabad | ₹107.46 | 0.00 |
| Jaipur | ₹104.94 | +0.32 |
| Lucknow | ₹94.73 | +0.04 |
| Patna | ₹105.23 | -0.37 |
| Thiruvananthapuram | ₹107.48 | 0.00 |
Check diesel price in your city today
| 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 |
| Gurugram | ₹87.77 | -0.13 |
| Noida | ₹87.89 | -0.12 |
| Bengaluru | ₹90.99 | 0.00 |
| Bhubaneswar | ₹92.69 | -0.05 |
| Chandigarh | ₹82.45 | 0.00 |
| Hyderabad | ₹95.70 | 0.00 |
| Jaipur | ₹90.41 | +0.29 |
| Lucknow | ₹87.86 | +0.05 |
| Patna | ₹91.49 | -0.35 |
| Thiruvananthapuram | ₹96.48 | 0.00 |
Trump announces ‘Project Freedom’
Trump in a post on Truth Social wrote, “we will guide their Ships safely out of these restricted Waterways, so that they can freely and ably get on with their business. Again, these are Ships from areas of the World that are not in any way involved with that which is currently taking place in the Middle East.”
He added, “I have told my Representatives to inform them that we will use best efforts to get their Ships and Crews safely out of the Strait. In all cases, they said they will not be returning until the area becomes safe for navigation, and everything else. This process, Project Freedom, will begin Monday morning, Middle East time.”
Meanwhile, a senior Iranian official warned that Tehran would consider it a breach of ceasefire if US interferes in the Strait, AFP reported. Meanwhile, Brent crude, which is currently trading around $108 a barre, whipsawed — initially falling 2.4%, then erasing those losses before dropping 0.5%.
Trump described discussions with Iran as “very positive” after it received Washington response to its latest 14-point proposal to end the war. For the past two months, disruptions in energy supplies was witnessed due to blockade on the Strait of Hormuz trade route.
Iran demanded complete end to the conflict within 30 days in its latest proposal. Tehran also called for guarantees against renewed strikes, Iran’s Tasnim News Agency reported. Reiterating earlier demands in its peace plan, Tehran demanded withdrawal of US forces from the region around Iran. It also demanded removal of sanctions and maritime blockade, in addition to payment of reparations.
Impact of elevated crude oil prices on aviation
According to Sparta Commodities Senior Oil Analyst Abhishek Kumar, Indian aviation is sensitive to crude oil prices and losses will become harder to absorb if fuel prices stay elevated.
“If the fuel shock stays elevated, the risk is that losses become harder to absorb, flights are cancelled, and government intervention may be needed to protect connectivity and prevent deeper stress across the sector,” ANI quoted Abhishek Kumar as saying.
Elaborating on the vulnerability of the aviation sector, he added, “”India is more sensitive because ATF is already a large cost item and the airline sector is highly price-sensitive. Airlines may raise fares on some routes, but they cannot pass through the full cost without hurting demand.”
