Petrol, diesel prices today: Fuel rates in Delhi, Mumbai as crude oil extends gain amid bleak outlook on US-Iran deal

Petrol and diesel prices remained steady in major Indian cities like Delhi, Mumbai, Gurugram, and Chandigarh on Tuesday, according to fuel rates set by state-run Oil Marketing Companies. Despite fluctuations in global crude oil, prices aligned with the last major revision on May 25. Crude oil gained about 10% over the previous four sessions, trading around $87.81 a barrel for Brent crude and $82.20 a barrel for US West Texas Intermediate.

The situation worsened due to the bleak outlook on a US-Iran deal, with Saudi Aramco postponing the restart of its Jazan refinery to 30 August. Analysts noted a significant drop in crude oil and refined product net exports through the Strait of Hormuz, averaging 3 million barrels per day in the week ending August 7. Experts raised concerns about the ethanol-blended fuel policy, warning that it could impact land-use, agriculture patterns, food security, groundwater levels, and household incomes.