Petrol and diesel prices today — 20 Aug: Latest fuel rates in Delhi, Mumbai, Bengaluru as Trump targets Iran’s economy

Petrol and diesel prices held steady in major Indian cities on Thursday, August 20, 2023, with only minor adjustments reported. The stability in fuel rates is attributed to state-run fuel retailers' ability to mitigate global oil price volatility. Global oil prices have experienced a four-day surge, largely due to escalating tensions between Iran and the US in the West Asia region. Crude oil prices have been under pressure as the conflict intensifies, with crude prices surging significantly this year.

The United Arab Emirates (UAE) announced that it was severing all economic ties with Iran following accusations that Iran had fired ballistic missiles at UAE territory. This move was seen as a further escalation of the regional conflict. Meanwhile, US President Donald Trump announced a new package of economic measures targeting Iran in an attempt to pressure the regime. Trump claimed to have given Iran "a greater opportunity to make a Deal" by implementing "Economic Warfare and Isolation on an unprecedented scale."

Trump warned other sovereign states against providing aid to Iran's financial institutions, businesses, airports, or government entities, emphasizing the potential tremendous economic consequences. He called for his allies to stand by the United States in isolating and defeating the Iranian threat, labeling it an "ECONOMIC D-DAY" that requires support from all allies.

Iran's Armed Forces head, General Staff Ali Abdollahi, warned against aiding the US military and stated that any assistance to the US forces constitutes participation with the US military. He added that countries should be aware that nothing escapes Iran's attention. However, according to Columbia University's Center on Global Energy Policy senior research scholar Karen Young, Iran is seeking access to frozen assets and sanctions relief as part of any potential negotiation. Yet, these concessions are not currently part of the ongoing talks.