By Saanchi Gupta | Updated: April 8, 2026 11:04 AM IST
The news of ceasefire between Iran and the United States has brought global relief. The crude oil prices have dropped by almost 13 to 17 per cent in the international market after the tensions decreased. This may possibly affect your daily expenses.
The Strait of Hormuz is an integral oil route, which was affected during the conflict between Iran and the United States. The temporary blockage of the passage for some countries had resulted in the global oil disruptions. Almost 20 per cent of oil passes through this region. As the tensions in West Asia are increasing, the supply is likely to improve.
The LPG imports were seriously affected during the crisis as they had become more expensive. Now that the supply is improving, the prices are likely to drop, thereby greatly reducing the household expenses.
The lower prices of diesel may decrease the transportation cost, which can make vegetables, milk, and groceries cheaper. This can further reduce the ration bill.
The restaurants and food costs depend on the furl prices. If in case the costs of LPG and transportation fail, the food prices may reduce. This means that a Rs 20 boiled egg can become closer to Rs 15 once again.
The fuel costs make almost 35 to 45 per cent of airline costs. If the prices of oil become cheaper, the Aviation Turbine Fuel (ATF) prices may also reduce, as per the Economic Times. This may lead to cheaper air ticket prices in the weeks to come.
The crude oil is extensively used to make plastic and chemicals. The decrease in the price may result in the reduction of the overall production cost, making daily-use items cheaper for people.
As the ceasefire between Iran and the United States has happened on a temporary basis, the situation may change in the coming days. Hence, an immediate change may not be seen.