2 weeks ago
Indian Fuel Rates Steady as Crude Falls on Hormuz Deal Doubts
Every day, petrol and diesel prices in India can change.
On 14 August, prices stayed the same for people in big cities like Delhi, Mumbai and Kolkata.
Petrol and diesel are made from oil that comes from deep under the ground.
A big water route called the Strait of Hormuz is important for moving that oil, but it is blocked because of a war between the United States and Iran.
Ships that carry oil are being attacked, so oil prices went up a lot this year.
The United States says it can keep the water route blocked for a very long time.
Iran and Oman want to make a deal to reopen the route, but they have not agreed yet.
Experts think the world may not have enough oil soon.
That is why some officials say India should make more of its own energy.
Petrol and diesel prices across major Indian cities, including Delhi, Mumbai, Kolkata and Bengaluru, remained unchanged on 14 August as Brent crude extended its decline.
Brent crude traded near US$87 a barrel after falling 2.2% in the previous session, while West Texas Intermediate stood at around US$81.
Iran and Oman have yet to reach an agreement to reopen the Strait of Hormuz despite optimism earlier this week that a deal was close.
US Defense Secretary Pete Hegseth said the US can maintain its naval blockade of Iran 'indefinitely' and will intensify economic pressure as ceasefire talks have stalled.
The International Energy Agency forecasts a deeper supply shortfall this quarter, with the 2026 deficit expected to be the widest in five years.
- Who
- Indian state-run Oil Marketing Companies (including IOC, BPCL and HPCL) set retail fuel prices; US Defense Secretary Pete Hegseth commented on the Iran blockade, and US President Donald Trump also weighed in on the Strait of Hormuz.
- What
- Petrol and diesel prices held steady in Indian cities while Brent and WTI crude prices fell, with US-Iran talks over reopening the Strait of Hormuz unresolved and the US naval blockade on Iran continuing.
- Where
- Major Indian cities including New Delhi, Mumbai, Kolkata, Chennai, Bengaluru, Gurugram, Noida, Hyderabad, Jaipur and others, with global context set by the Strait of Hormuz.
- When
- Thursday, 13 August and Friday, 14 August
- Why
- OMCs continue to shield consumers from market volatility since their last price revision on 25 May, while crude declined as US-Iran peace talks stalled and Iran and Oman have yet to reach an agreement on the waterway.
Negotiation and Reopening
Blockade and Pressure
Reopening the Strait of Hormuz
Negotiation and Reopening
Iran and Oman have been working toward a possible deal to reopen the critical waterway, and earlier this week there was optimism that a deal was close; Pakistan, the mediator, says the deadline for a US-Iran memorandum of understanding could be extended.
Blockade and Pressure
US President Donald Trump says Washington has 'total control' over the conduit, and Defense Secretary Pete Hegseth says the US can maintain its naval blockade of Iran 'indefinitely' while intensifying economic pressure on Tehran.
India's energy strategy
Negotiation and Reopening
Novonesis regional president Krishna Mohan Puvvada argues India should focus on powering itself from within and strengthen its energy security and sovereignty amid geopolitical tensions.
Blockade and Pressure
The US has proposed a 100% tariff on countries buying Russian oil, pressuring oil importers to cut their dependence on Russian supplies.
Key facts
- Petrol price in New Delhi
- ₹102.12 per litre
- Diesel price in New Delhi
- ₹95.20 per litre
- Petrol price in Mumbai
- ₹111.21 per litre
- Brent crude price
- Around US$87 per barrel, after falling 2.2% in the previous session
- WTI crude price
- Around US$81 per barrel
- Last retail price revision
- 25 May (nearly three months ago)
- 2026 year-to-date oil futures gain
- More than 40%
- IEA supply outlook
- Deeper shortfall this quarter; widest 2026 deficit in five years
Quotes
Defense Secretary Pete Hegseth
United States Defense Secretary
“Indefinitely the United States Navy can maintain a blockade like that because we’ll rotate ships in and out, as we have, and we’ll continue to.”
livemint.com
Haitong Futures analyst
Financial analyst at Haitong Futures
“The safety situation for navigation in these waters has further deteriorated, forcing vessels to turn off their signals, which reduces transparency in shipping and makes it more difficult for the market to track and assess actual supply levels.”
livemint.com
Krishna Mohan Puvvada
Senior official, Novonesis Middle East and India & Africa regional division
“Need for India powered from within.”
livemint.com
Sources
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