With crude oil rates rising over $62 a barrel, the price of petrol and diesel also rose today after more than a month’s gap. Petrol price increased by 10 paise a litre and diesel price by 9 paise a litre today.
In New Delhi, a litre of petrol costs Rs 72.70, diesel Rs 65.84. In Mumbai, a litre of petrol costs Rs 78.38 and diesel Rs 69.06. If you are in Bengaluru, then you will have to pay Rs 75.18 for petrol and Rs 68.08 for diesel. In Noida, a litre of petrol is priced at Rs 74.48 and diesel Rs 66.15. In Gurgaon, petrol is selling at Rs 72.69 and diesel Rs 65.18.
On the other hand, fuel prices have been declining since October. Cumulatively, the petrol price has fallen by about Rs 2 since October 1. Petrol, Diesel prices are changed every day by fuel retailers at 6 am after taking into account several factors like international benchmark rates for fuel and US-dollar exchange rate.
Also, oil had jumped above $62 a barrel yesterday after China hinted at progress towards a trade deal with the United States, raising hopes for an end to a long dispute that has weighed on economic growth and demand for fuel.
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China Hints at Rate Cuts to Offset Trump’s Tariffs
A Chinese state newspaper signalled the need for monetary easing as US trade tensions threaten economic growth, suggesting the central bank should cut interest rates and banks’ reserve requirements.
The report stated that such measures could stabilise markets, boost confidence, and mitigate external shocks.
Chinese stocks rose for the third day, driven by stimulus expectations and hopes for a trade deal with the US. The urgency for easing increased after US President Donald Trump raised tariffs on Chinese imports to 125% while pausing levies on other trade partners.
Meanwhile, China’s consumer deflation extended for a second month in March, adding to economic concerns.
The People’s Bank of China has repeatedly pledged to lower borrowing costs and reserve requirements, fueling a rally in China’s bond market.
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Piyush Goyal to Discuss Export Strategies Amid Trump’s Tariff Moves
Union Minister Piyush Goyal will meet exporters at Vanijya Bhawan in New Delhi today from 3 PM to 5 PM to discuss challenges posed by US President Donald Trump’s reciprocal tariffs.
The meeting will focus on strategies to mitigate their impact, with exporters exploring new markets in gems, jewellery, electronics, textiles, and apparel.
Senior Ministry officials, along with representatives from Export Promotion Councils (EPCs) and the Federation of Indian Export Organisations (FIEO), will participate, according to PTI (Press Trust of India Ltd).
Earlier today, Goyal emphasised that India’s best interests remain the priority in trade negotiations. Speaking at the Dubai India business forum in Mumbai, he reaffirmed that ‘India First’ is the guiding principle, assuring business leaders that trade agreements will support the country’s long-term economic goals.
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RBI May Cut Rates on 9th April Amid Global Tariff Pressures
With global trade tensions rising due to tariff hikes, all eyes are on the Reserve Bank of India’s (RBI) policy decision on 9th April. Experts expect the Monetary Policy Committee (MPC) to weigh these risks while focusing on domestic factors.
A 25-bps rate cut is widely anticipated, with inflation cooling, growth slowing, crude oil prices falling, and US bond yields dipping. While many foresee further reductions in June, opinions differ on the RBI’s stance—about half expect a shift to ‘accommodative,’ while 40% believe it may remain ‘neutral’ amid global uncertainties.
Most predict the repo rate could bottom out around 5.5%, implying a total 75-bps cut. No major liquidity surprises are expected, as the RBI has already eased conditions through open market operations and currency swaps. Further liquidity measures would be market-positive.
Higher global tariffs could shave 30–60 bps off India’s GDP growth, but the RBI will likely maintain or slightly lower its forecast. On inflation, 60% expect no change, while 40% foresee a slight revision to 4–4.1%.
Overall, the policy is expected to be dovish, with the RBI balancing global risks and domestic growth. Further rate cuts may be on the horizon.
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India Raises Excise Duty by Rs 2 on Petrol & Diesel; Retail Prices Unchanged
On 7th April, the Indian government announced a Rs 2 per litre hike in Special Additional Excise Duty (SAED) on petrol and diesel, effective from 8th April.
With this revision, SAED on petrol will rise from Rs 11 to Rs 13 per litre and diesel from Rs 8 to Rs 10 per litre. Despite the hike, the Petroleum Ministry confirmed that retail prices will remain unchanged. Petroleum Minister Hardeep Singh Puri assured consumers that the increase would not be passed on to them, stating, “This will not be passed on to the consumer.”
Puri explained that while crude oil prices have dropped to around $60 per barrel, state-run oil marketing companies (OMCs) manage inventory purchased at an average of $75 per barrel, as they typically hold stock for over 45 days. He added that OMCs may consider price revisions if crude stabilises between $60 and $65 per barrel.
This move comes amid a sustained decline in global crude prices, driven by rising supply from non-OPEC (Organisation of the Petroleum Exporting Countries) producers and weaker demand. The downturn has been further intensified by trade tensions following tariffs imposed by US President Donald Trump.
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Cabinet approves Rs 6,839 crore for Vibrant Villages Programme-II to boost border development
The Union Cabinet, led by PM Modi, approved the second phase of the Vibrant Villages Programme (VVP-II) with an outlay of Rs 6,839 crore.
The programme will run until FY 2028-29, covering strategic villages in 18 states and UTs, excluding those on the India-China border.
Union Minister Ashwini Vaishnav emphasised developing and securing border villages to prevent migration and strategic risks.
Phase 1 covered 700 villages, while Phase 2 aimed to reach 2,000 villages with essential infrastructure and connectivity.
Key objectives include improving roads, electricity, water, internet, healthcare, education, and employment opportunities.
Developments under the scheme include better roads, 24×7 electricity, digital connectivity, schools, healthcare centres, tourism promotion, and skill training.
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