2 weeks ago
Petrol, diesel prices stable across Indian cities on 18 August
Every day, the price of petrol and diesel in India is set by government-owned companies.
On 18 August, these prices stayed almost the same in most cities.
That is good news for people who drive cars and bikes.
Meanwhile, the price of oil that companies buy from other countries went up.
Oil prices are rising because there is a war in the Middle East.
The war has been going on for about five months.
The President of the United States, Donald Trump, decided not to continue a temporary agreement with Iran.
Iran said it may use a stronger military plan if talks fail.
The President of Turkey asked both sides to keep talking peacefully.
Because Indian companies set their own prices, drivers in India do not feel the big changes right away.
Petrol and diesel prices across India remained largely stable on 18 August, with only marginal changes in some states.
West Texas Intermediate crude rose 0.6 per cent to around $85 a barrel, while Brent closed above $91 per barrel on Monday.
Crude prices have surged roughly 50 per cent this year as the five-month war in the Middle East drags on.
US President Donald Trump ruled out extending the 60-day negotiation window with Iran, which ended on Monday.
Indian consumers remain shielded from global price volatility because state-run oil marketing companies set retail fuel prices.
- Who
- Indian consumers and state-run oil marketing companies, along with US President Donald Trump, Iranian officials, and Turkish President Recep Tayyip Erdoğan.
- What
- Petrol and diesel prices remained largely stable across Indian cities while global crude prices climbed amid US-Iran tensions.
- Where
- India (including Delhi, Mumbai, Bengaluru, Chennai and Kolkata) and the Middle East, including the Strait of Hormuz.
- When
- 18 August, with oil price data from Monday (local time) referenced.
- Why
- Global oil prices climbed as prospects for peace in the Middle East dimmed after Trump ruled out extending the US-Iran negotiation window.
US-Iran confrontation
Diplomatic resolution
Negotiation window
US-Iran confrontation
US President Trump ruled out extending the 60-day negotiation window with Iran, which ended on Monday.
Diplomatic resolution
Iran said it planned to shift to a 'fully offensive' military doctrine and warned it could launch a 'timely and precise' military operation if diplomacy failed.
Path forward
US-Iran confrontation
Iran is prepared to take 'difficult decisions' and escalate if diplomacy fails, sparking fears of a wider escalation.
Diplomatic resolution
Turkish President Erdoğan urged Trump to pursue peace talks with Iran and offered Ankara's support for continued diplomacy.
Key facts
- Petrol price in Delhi
- ₹102.12 per litre
- Diesel price in Delhi
- ₹95.20 per litre
- Petrol price in Mumbai
- ₹111.21 per litre
- Petrol price in Bengaluru
- ₹111.68 per litre
- WTI crude price
- Around $85 per barrel (up 0.6%)
- Brent crude price
- Above $91 per barrel on Monday
- Crude price surge this year
- Roughly 50%
- US-Iran negotiation window
- Not extended by Trump; ended Monday
Quotes
President Recep Tayyip Erdoğan
President of Turkey
“"it is of great importance to make the utmost of diplomacy regarding the tensions between Iran and the United States, that we hope the talks will continue, and that Turkey will continue to support peace efforts."”
livemint.com
“"fully offensive" military doctrine”
livemint.com
Sources
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