Fuel prices in India remain unchanged amid Iran-Israel tensions
Despite ongoing tensions between the US Israel, and Iran in the Middle East, gasoline and diesel prices across major Indian cities stayed unchanged on March 25.
While global crude prices dropped nearly 6% after a proposed ceasefire (going from $101.40 to $98.30 per barrel), Indian drivers haven't seen any change at the pump.
Why are fuel prices not changing?
Many motorists have been lining up at fuel stations, worried about possible shortages.
The rupee also slipped by about 4.5% this month due to foreign investment outflows, says Anil Kumar Bhansali of Finrex Treasury Advisors.
Still, global futures and major stock indices rose (S&P 500 futures +0.9%; European futures +1.2%) amid reports of possible negotiations/ceasefire prospects, and analysts pointed to rupee movements and foreign fund outflows as key factors, while domestic fuel prices remained steady in major cities.