Petrol and diesel prices today – 8 Sep: Fuel rates in Delhi, Mumbai, Bengaluru as Iran eyes Hormuz deal with Oman

On 8 September, fuel prices in India experienced a slight increase, with petrol and diesel prices remaining stable despite global volatility. State-run Oil Marketing Companies charged domestic customers rates aligned with a 25 May adjustment of ₹2.7 to ₹2.8 per litre for petrol and diesel, respectively. Despite dynamic fuel pricing, which adjusts daily at 6:00 AM, prices have remained steady for the past three months, even as global energy prices have fluctuated.

Brent crude futures extended gains following their highest level since 24 July, while U.S. crude West Texas Intermediate also rose. Iran's threat of retaliation against any US aggression on its assets, coupled with the prospect of a prolonged conflict in West Asia, contributed to the rise in commodity prices. Analysts predict that prolonged supply constraints in the Persian Gulf could persist through 2026, with a full return to pre-war throughput possibly not occurring until late Q1 or early Q2 2027.

Financial institutions, including Goldman Sachs and Marex, have raised their price forecasts for Brent and WTI crude oil, anticipating elevated prices through the year-end due to ongoing tensions. The recent escalation in military operations between the US and Iran, as well as the threat of retaliation, has prompted traders to factor in a risk premium, with no signs of progress towards a diplomatic breakthrough or peace deal signed in June.