1 week ago
Indian Fuel Prices Stay Steady as Crude Oil Falls
Fuel prices in many Indian cities stayed mostly the same on 24 August.
This happened even though the price of crude oil fell around the world.
Crude oil is used to make petrol and diesel.
Government-owned fuel companies have not made a major price change since 25 May.
They are keeping prices steadier for customers while global energy markets are uncertain.
The listed petrol price was highest in Hyderabad.
Diesel was also most expensive in Hyderabad among the cities shown.
Oil prices are being affected by tensions involving the United States and Iran.
Petrol and diesel prices were reported unchanged across major Indian cities on 24 August, despite falling crude oil prices.
Petrol cost ₹102.12 per litre and diesel ₹95.20 in New Delhi; Mumbai rates were ₹111.21 and ₹97.83.
Hyderabad recorded the highest listed prices, at ₹115.69 for petrol and ₹103.82 for diesel.
Brent crude fell 1.0% to about $93.43 a barrel, while US crude declined 1.1% to $86.14.
Indian fuel retailers have kept prices steady since the major revision on 25 May, shielding consumers from global volatility.
- Who
- Indian consumers, state-owned fuel retailers, investors, and parties involved in the United States-Iran tensions.
- What
- Petrol and diesel rates remained broadly unchanged in major Indian cities while crude oil prices declined.
- Where
- Major Indian cities including New Delhi, Mumbai, Bengaluru, Chennai, Hyderabad, Jaipur, Gurugram, and Chandigarh; global oil markets were also affected.
- When
- 24 August; fuel prices are revised daily at 6:00 AM, and the last major revision was on 25 May.
- Why
- Fuel retailers continued shielding consumers from global oil-price volatility amid uncertainty over sanctions on Iran and disruptions to energy supplies.
Sanctions Supporters
Sanctions Skeptics
Effect of pressure on Iran
Sanctions Supporters
US Treasury Secretary Scott Bessent described the United States pressure campaign as a major economic offensive intended to isolate Iran and pressure its trading partners.
Sanctions Skeptics
Commonwealth Bank of Australia analyst Vivek Dhar said it was unclear whether the United States policy to economically isolate Iran would be effective.
Risk to energy markets
Sanctions Supporters
The United States position presented economic pressure as a way to constrain Iran’s military and nuclear capabilities.
Sanctions Skeptics
Dhar said that if the measures worked, Iran’s ability to respond through increased violence could become a growing risk for energy markets.
Key facts
- New Delhi rates
- Petrol ₹102.12 per litre; diesel ₹95.20 per litre.
- Mumbai rates
- Petrol ₹111.21 per litre; diesel ₹97.83 per litre.
- Hyderabad rates
- Petrol ₹115.69 per litre; diesel ₹103.82 per litre.
- Bengaluru rates
- Petrol ₹111.68 per litre; diesel ₹99.56 per litre.
- Crude oil movement
- Brent crude fell 1.0% to about $93.43 a barrel; US crude fell 1.1% to $86.14.
- Last major Indian revision
- Oil Marketing Companies last made a major price revision on 25 May.
- Daily revision time
- Indian fuel rates are revised at 6:00 AM under the dynamic fuel-pricing method.
Quotes
Vivek Dhar
Commonwealth Bank of Australia commodities analyst.
“But if the US measures do work as intended, Iran's ability to respond via increased violence becomes a growing risk for energy markets to consider.”
livemint.com
“It is unclear whether US policy to economically isolate Iran will prove effective”
livemint.com
Scott Bessent
US Treasury Secretary who commented on the administration’s pressure campaign against Iran.
“President Trump has dismantled Iran’s military capabilities, destroyed nearly 100 percent of its military factories, and buried its nuclear program. We are now entering the endgame. At dawn begins an economic D-Day — the single greatest financial offensive ever marshaled against an adversary.”
livemint.com
Sources
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