Petrol and diesel prices today: Fuel rates in Delhi, Mumbai, Bengaluru as Iran's President pushes for dialogue

Petrol and diesel prices remained unchanged across major Indian cities on Sunday, August 23, 2023, as tensions escalated between the United States and Iran. The Strait of Hormuz, a vital energy chokepoint, remains closed due to the ongoing conflict, contributing to concerns over a potential reopening in the near future. Major fuel retailers are insulated from oil price volatility by adjusting fuel rates daily at 6:00 AM, following the Indian dynamic fuel price method.

The global benchmark Brent crude oil increased by 6.39%, while US crude rose by 5.66%, settling at $94.39 and $87.06 per barrel, respectively. Iranian President Masoud Pezeshkian called for dialogue and logic to resolve the crisis, while his Secretary of the Supreme National Security Council, Mohsen Rezaei, warned neighboring countries not to join the US in the conflict.

US Energy Secretary Chris Wright highlighted efforts to maintain energy supplies through the Persian Gulf, crediting the US Navy for keeping oil flowing despite the standoff with Iran. India and Mauritius recently signed a five-year energy partnership, with Indian Oil Corporation supplying Mauritius' entire petrol, diesel, and aviation fuel needs.