Global crude hits $98 as the US-Iran ceasefire wavers, leading Reliance to ration fuel in India with a ₹1,000 purchase cap.
International crude oil prices have surged on Friday with WTI crude futures climbing above $98 per barrel. The rebound follows a volatile week where a fragile two-week ceasefire between the US and Iran, brokered on April 8, has been tested by renewed regional strikes and logistical deadlocks.
Strategic waterways and supply shocks
The initial market relief from the ceasefire has vanished as the Strait of Hormuz remains largely impassable.
- Shipping standoff: Despite the truce, shipowners are avoiding the Strait due to high insurance risks and reports of potential "transit fees" mentioned by US President Donald Trump.
- Production cuts: Saudi Arabia has confirmed a production capacity drop of 600,000 barrels per day following recent infrastructure attacks.
- Ceasefire under fire: Israeli strikes in Lebanon have prompted warnings from Tehran of a "regret-inducing response," leading many analysts to doubt the durability of the current peace agreement.
Fuel rationing? Reliance imposes ₹1,000 limit
In a major shift within the Indian market, private retailer Reliance (Jio-bp) has reportedly begun rationing fuel.
- Purchase caps: Customers at many Jio-bp outlets are being limited to a maximum of ₹1,000 per vehicle per visit.
- Rationale: While Reliance maintains there is no official national directive, localised operators have enforced the cap to manage thinning stocks and prevent panic buying amidst West Asian supply disruptions.
- Market pressure: Reliance is the first major operator to move beyond price hikes to supply rationing. Private retailers like Nayara Energy had already raised prices last month to offset mounting losses on retail sales.
Fuel prices today in major Indian metros
Despite the international surge and private sector rationing, state-run Oil Marketing Companies (IOCL, BPCL, HPCL) have kept retail prices unchanged for Friday, April 10, 2026.
Retail rates (per litre):
| City | Petrol (per litre) | Diesel (per litre) |
| Thiruvananthapuram | ₹107.48 | ₹96.48 |
| New Delhi | ₹94.77 | ₹87.67 |
| Mumbai | ₹103.54 | ₹90.03 |
| Chennai | ₹100.90 | ₹92.49 |
| Kolkata | ₹105.41 | ₹92.02 |
Published: 10 Apr 2026, 11:13 am IST
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