The global crude oil prices have witness sharp fall on Tuesday after the US President Donald Trump fresh statement on the Iran War.
A petrol pump attendant fills fuel in a vehicle at a petrol pump. (Photo: IANS)
The global crude oil prices have witness sharp fall on Tuesday after the US President Donald Trump fresh statement on the Iran War. Trump said a planned attack on Iran had been paused to allow talks aimed at ending the Middle East conflict.
As per the latest rates, the Brent crude for July delivery dropped by $3.01, or 2.7%, to $109.09 per barrel at 0001 GMT while the US West Texas Intermediate crude for June delivery also fell by $1.38, or 1.3%, to $107.28 per barrel.
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Trump said there was a very good chance that the United States and Iran could reach an agreement to stop Tehran from getting a nuclear weapon. His remarks came hours after he announced a pause in military action to allow negotiations.
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The continuous spike in the crude oil prices above $100 per barrel, has also led to upward revision in the fuel prices in India.
The Centre has hiked the prices of both petrol and diesel by up to Rs 4 per litre.
In a latest revision on Tuesday, Petrol prices have been hiked by Rs 0.86, and diesel prices are up by Rs 0.83. Last week, petrol and diesel prices were hiked by Rs 3 per litre after state-owned oil firms ended a four-year record hiatus in rate revision.
After the hike, the new petrol rates have gone up from Rs 97.77 per litre to Rs 98.64, while diesel rates have risen to Rs 91.58.
According to Union Petroleum Minister Hardeep Singh Puri, the OMCs were suffering losses of nearly Rs 1,000 crore per day because of rising crude costs.
SBI Research said that assuming crude oil prices at $106 per barrel and an average exchange rate of Rs 94 per dollar, the landed cost of crude works out to nearly Rs 9,964 per barrel.
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