Archive · 31 Jul 2026
India Fuel Prices Steady Amid Brent Rise and E20 Debate
On July 31, 2024, the price of petrol and diesel in big Indian cities stayed almost the same even though the world oil price went up.
The Indian government said that a new kind of fuel called E20 does not hurt cars, after people on social media worried it might.
The price of the world oil benchmark, Brent, went up because a key sea route is closed because of a fight between the US and Iran.
Because of this fight, oil prices went higher and the world economy might slow down a little, but it could get better if the sea route opens again.
The government also said that the new fuel has been used safely for many years in millions of cars and bikes.
Petrol and diesel prices in major Indian cities stayed almost unchanged on 31 July 2024.
The Ministry of Petroleum and Natural Gas denied claims that E20 ethanol‑blended petrol causes engine damage, citing data from over 20 crore vehicles.
Brent crude rose to about $87.14 per barrel as the Strait of Hormuz remains closed amid US‑Iran tensions.
The collapse of the US‑Iran truce led to higher oil prices and increased shipping activity in the Red Sea and Gulf Strait.
The IMF warned that the Middle East oil shock could push the global economy toward recession, but the effect would be modest if Hormuz reopens soon.
- Who
- Indian Ministry of Petroleum and Natural Gas, US‑Iran conflict, IMF
- What
- Fuel price stability, E20 controversy, oil market volatility
- When
- 31 July 2024 and recent Middle East tensions
- Where
- India, global oil markets, Middle East
- Why
- To address fuel price concerns, respond to E20 claims, and explain oil market impacts
- New Delhi petrol price
- ₹102.12
- New Delhi diesel price
- ₹95.20
- Brent crude price
- $87.14 per barrel
- E20 claim
- No evidence of engine damage
- IMF outlook
- Potential recession if Hormuz stays closed