Reliance Industries Ltd. will shut down its crude unit for maintenance works after Nayara commences its operations, according to Joint Secy Sujata Sharma inter-minsterial statement on Wednesday. Nayara will be in operation by the middle of May. There will be no increase made in domestic LPG prices and in petrol and diesel prices at fuel stations due to this development, as per the statement.
Only commercial LPG prices have been ramped up.
Reliance will shut down the unit for three to four weeks.
Brent Crude prices have reached as high as $126 on April 30 since the beginning of the US-Iran-Israel war. This was likely due to the ongoing blockade adjacent conditions of the Strait of Hormuz, which has lead to the restriction of the passage of oil tankers through the region. The blockade conditions has created a domino effect of supply crunch of oil and oil products across the globe.
The international energy agency has termed it "the largest supply disruption in history."
The price of Brent Crude has seen a 9% decline at $99.79 per barrel on Wednesday, after initially seeing a 7% slump to Rs 100 per barrel. This notable correction in price is due to an Axios report that stated that a peace deal between the US and Iran is on the horizon, and would be inked soon.
The White House stated that is nearing a conclusion to its one-page, 14-point memorandum of understanding with Iran to end the war and develop a framework for detailed nuclear talks, as per a statement from two US officials along with two other sources to Axios news agency.
ALSO READ: Oil Slips Below $100: Brent Slumps Over 9% As US, Iran 'Close In' On Ending War
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