Oil prices in the early Asian trade on Monday plunged, as negotiations hinted re-opening of Hormuz soon. Both oil benchmarks had fallen by more than 5%, with Brent breaking back below $100 to trade at $98.27, while WTI fell to $91.63.
Reportedly, this is the weakest both the contracts recorded in the last three weeks.
The plunge reportedly stemmed from US Secretary of State Marco Rubio’s statement ‘progress towards a deal to reopen the Strait of Hormuz’. Reports on Monday showed a few oil vessels passed through the Strait of Hormuz, although major traffic still remained stalled.
Earlier on Monday, oil companies hiked petrol and diesel prices by ₹2.61 and ₹2.71, respectively. The hike is the fourth in a row in merely 10 days. With the recent hike, the fuel price has spiked by ₹ 8.
Not only standard petrol and diesel, but premium fuel prices have also risen at the same pace. XP95, which was priced at ₹106.63 per liter, rose to ₹109.24 on May 25. XG prices rose from ₹97.81 to ₹100.52 per liter.
It should be noted that petrol and diesel prices were first increased on May 15th, following the Middle East crisis. The price of both fuels was then increased by ₹3 per liter. Followed by a second hike by 90-paise on May 19th. Last Saturday (May 23rd), oil prices soared by 87 paise. Now, for the fourth time in 48 hours, petrol and diesel prices have been increased by more than ₹2. Thus, after four such increases, prices have risen by ₹7.50 per liter.
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