Petrol and diesel prices today — 31 Aug: Fuel rates in Delhi, Mumbai, Bengaluru as Brent climbs after US strikes Iran
Petrol and diesel prices remained stable on 31 August. Although crude prices increased after US strikes on Iran, fuel prices have not fluctuated significantly across Indian cities.
On Sunday, August 31, petrol and diesel prices in India remained unchanged despite fluctuations in global energy markets. The steady prices were influenced by a dynamic fuel pricing method in the country. However, fuel costs have remained stable for the past three months due to the ongoing US-Iran conflict and the closure of the Strait of Hormuz.
The last significant fuel price revision occurred on May 25, when rates rose by ₹2.7 to ₹2.8 per litre. As of August 31, Brent crude oil climbed 1.9% to $89.75 per barrel, while West Texas Intermediate crude increased 1.7% to $84.80 per barrel. Analysts noted that markets may face challenges due to geopolitical risks in the Middle East, particularly following the US military's airstrike on Iranian targets on August 29.
In response, Iran vowed retaliation and fired ballistic missiles at US bases in Jordan, leading to an escalation in the conflict. The US Central Command redirected 83 commercial vessels, disabled 3, and boarded 2 to enforce a blockade on Iranian ports, aiming to protect civilian mariners and maintain global commerce.
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- Oil prices jump more than 2% after U.S. strike on Iran seekingalpha.com
