Fuel Prices Today, 8 April 2026: Global crude oil prices have experienced one of their largest single-day crashes in history following President Donald Trump’s announcement of a two-week ceasefire agreement with Iran. This diplomatic breakthrough, contingent on the safe reopening of the Strait of Hormuz, has rapidly deflated the “war premium” that pushed prices to record highs earlier this year. However, domestic retail petrol and diesel prices in India remained largely stable on April 8 as OMCs typically adjust pump rates based on a 15-day average of international prices.
Delhi Fuel Prices Today (April 8, 2026)
| Fuel Type | Variant | Price (Delhi) |
|---|---|---|
| Petrol | Regular | ₹94.77 per Litre |
| Diesel | Regular | ₹87.67 per Litre |
| CNG (IGL) | Standard | ₹77.09 per Kg |
Metro City Comparison – Petrol & Diesel (per Litre)
| City | Petrol Price | Diesel Price |
|---|---|---|
| New Delhi | ₹94.77 | ₹87.67 |
| Mumbai | ₹103.54 | ₹92.15 |
| Chennai | ₹100.90 | ₹92.34 |
| Bangalore | ₹103.06 | ₹89.02 |
| Hyderabad | ₹107.46 | ₹95.70 |
Note: Prices at state-run outlets (IOCL/BPCL/HPCL). Rates at private pumps (Shell, Nayara) may be ₹5–₹25 higher.
Global Oil Market Today – April 8, 2026
International benchmarks plummeted by 15% to 20% immediately after the ceasefire was confirmed, erasing nearly $26 per barrel in a matter of hours.
| Benchmark | Price (USD/bbl) | Daily Change | Status |
|---|---|---|---|
| WTI Crude (US) | $94.85 – $96.17 | Down ~16-17% | Plunged below $100 |
| Brent Crude (Global) | $92.30 – $95.37 | Down ~13-16% | Massive sell-off |
| Intraday Peak-to-Trough | $117.63 → $91.05 | -$26 | Historic crash |
US-Iran Ceasefire Agreement
- Brokered Through: Pakistan (intermediary)
- Condition: The suspension of military strikes is strictly subject to the “complete, immediate, and safe opening” of the Strait of Hormuz by Iran
- Negotiation Window: Trump noted a 10-point proposal from Iran provides a “workable basis” for long-term peace talks to be finalized during this two-week pause
- Israel’s Stance: Reports indicate that Israel has also agreed to abide by the temporary truce
Market & Economic Impact
Stock Rally
As oil prices dived, global markets surged. Dow futures jumped over 900 points, while Asian markets like the Nikkei 225 and Kospi saw gains exceeding 4-5%
Supply Relief
The Strait of Hormuz is the world’s most critical oil chokepoint; its reopening would restore the flow of roughly 20% of global oil supply
Inflation Hopes
The crash in energy costs is expected to ease global inflation concerns, potentially shifting central bank policies toward rate cuts later in 2026
Outlook for Indian Consumers
Import Relief
India, which imports nearly 85% of its crude oil, stands to benefit significantly if this ceasefire holds and crude stays below $100
Price Lag
Analysts suggest that if international prices remain at these lower levels, a downward revision in domestic retail fuel prices could follow within the next 7-10 days
Currency Impact
The Indian Rupee remains under pressure (near ₹94.70/USD), which partially offsets the benefit of lower global oil prices
Global Retail Petrol Prices (Approximate per Litre)
| Country | Petrol (USD/Litre) | Local Currency (Approx.) | Trend |
|---|---|---|---|
| India | $1.08 | ₹94.77 (Delhi) | Stable/Frozen |
| USA | $1.13 | $4.28 per gallon | Rising (pre-ceasefire) |
| UAE | $0.89 | Dh3.28 | Revised Up (April 1) |
| Saudi Arabia | $0.62 | SAR 2.33 | Stable |
| Russia | $0.83 | RUB 76.50 | Stable |
| China | $1.34 | ¥9.72 | High |
| Canada | $1.45 | C$1.97 | High |
| Pakistan | $1.51 | PKR 321.17 | Steep Hikes |
| UK | $1.93 | £1.53 | High |
| Germany | $2.40 | €2.21 | Very High |
Key Market Dynamics by Region
India
- Prices at state-run pumps remain frozen at ₹94.77/L (Petrol) and ₹87.67/L (Diesel) in Delhi
- Private retailers like Shell and Nayara are charging a premium of ₹5–₹25 higher to manage previous import cost spikes
UAE
- Effective April 1, 2026, the UAE Fuel Price Committee increased Special 95 to Dh3.28/L (from Dh2.48) and Diesel to Dh4.69/L (from Dh2.72)
- These rates are reviewed monthly and may see a reduction in May if the current crude crash holds
USA
- The average gallon of regular petrol rose to $3.58 in late March, with California exceeding $5.00/gallon
- Retailers are expected to begin lowering prices as the $26/barrel crude drop filters through the supply chain
Europe
- Nations like Germany ($2.40/L) and France ($2.26/L) continue to face the world’s highest retail costs due to heavy taxation and the impact of the Middle East conflict
What This Means for Consumers
- Immediate Impact: No change at state-run pumps today; OMCs use a 15-day average pricing mechanism
- Relief Expected: If crude stays below $100, petrol and diesel prices could be revised downward within 7-10 days
- Private Pumps: Shell, Nayara, and other private retailers may adjust faster than state-run outlets
- Currency Watch: The Rupee remains weak (₹94.70/USD), partially offsetting the benefit of lower crude prices
Disclaimer: Fuel prices are subject to daily revision by oil marketing companies. All rates listed are indicative and may vary by outlet, location, and date. Private retailer rates vary by location. Please check with your local fuel station or the official IOCL/BPCL/HPCL apps for real-time pricing.
