Fuel prices in India held steady on 28 April despite global crude oil surging sharply.

Fuel prices in India held steady on 28 April despite global crude oil surging sharply. Brent crude climbed 4.8% to $91.98 a barrel while WTI rose 4.6% to $87.25, driven by geopolitical tensions in the Strait of Hormuz where nearly 20% of global fuel supply transits. Recent vessel attacks have reduced traffic through the critical waterway to near-zero levels. Oil marketing companies are absorbing market fluctuations to shield Indian consumers from immediate price increases. The Indian government expects domestic fuel prices to remain stable in the near term despite continued international market turbulence. Global equity markets reflected broader unease, with European shares declining 0.6% while Asia-Pacific markets gained 1%. Analysts warn that proposed strategic reserve releases may prove insufficient to ease supply concerns as tensions escalate.