Indian oil at $97.52 per barrel after U.S.-Iran deal talk
Business
Indian oil prices just slipped to $97.52 per barrel, marking the lowest point since early March.
This big drop follows an 11% fall in global crude prices, sparked by talk of a U.S.-Iran deal and hopes that the Strait of Hormuz, a key energy route, will reopen soon.
Indian refiners losing ₹550 cr daily
Even with cheaper oil, Indian refiners are still losing around ₹550 crore every day on gasoline, diesel, and LPG, thanks to a weak rupee and earlier supply chain chaos from the West Asia war.
The average price for May is still high at $106.83 per barrel (way up from February's $69), showing how global tensions keep fuel costs stubbornly elevated.