Petrol and diesel prices in India remained unchanged on Saturday, July 18, despite escalating tensions between the US and Iran. In Delhi, petrol was priced at ₹102.12 per litre, while diesel was at ₹95.20. Mumbai saw petrol prices at ₹111.21 and Bengaluru at ₹111.37, according to the Indian Oil Corporation.
Key Details
The stability in fuel prices comes as oil prices surged to their highest levels in over a month due to increased military actions in the Gulf region. Brent crude futures closed at $88.10 a barrel, up $3.87 or 4.59%, while US West Texas Intermediate futures rose by $3.54 or 4.48% to $82.49. These prices reflect concerns over potential disruptions in shipping routes, particularly through the Strait of Hormuz and the Red Sea, as tensions escalate.
Background
Local taxes, transportation costs, and dealer commissions contribute to variations in fuel prices across different states and cities. The Indian Oil Corporation stated that daily price adjustments for petrol and diesel occur at 6 am. Consumers can track real-time prices through the IndianOil ONE mobile app or by sending an SMS to a designated number for local updates.
The stability in fuel prices may limit immediate market reactions, but rising global oil prices could lead to increased costs for consumers and businesses reliant on fuel. Investors will watch for potential shifts in pricing strategies from oil companies and any government interventions in response to the ongoing geopolitical tensions.