Petrol and diesel prices today – 10 Sep: Fuel rates in Delhi, Mumbai, Bengaluru as Crude oil edges toward $102 a barrel

Petrol and diesel prices across Indian cities remained relatively stable on Thursday, 10 September, as Brent crude oil edged closer to $102 per barrel. State-run Oil Marketing Companies maintained domestic fuel rates, despite increased international energy prices. Since May, petrol and diesel prices have only been adjusted by ₹2.7 to ₹2.8 per litre, respectively.

India's dynamic fuel price method causes daily revisions, but the prices have remained consistent for over three months, even with substantial fluctuations in global energy prices. Brent crude oil has hovered around $102 a barrel due to escalating tensions in West Asia, with West Texas Intermediate trading around $97. The global benchmark has closed above triple figures for the first time since July, closing above $102 on September 9.

However, Brent remains below its wartime peak of $126 a barrel, which was reached in April. Global concerns about deeper disruptions in the Strait of Hormuz, a key waterway for oil and liquefied natural gas, have contributed to the elevated prices. Iran's senior official warned of potential escalation in the conflict, stating that Tehran would respond more intensely if the US continued attacking its territory.

Despite American naval blockades and attacks on Iranian oil tankers, Iran shows no signs of backing down. Iran has also rebuilt its military capabilities and announced a new prohibited zone outside the Hormuz, extending to parts of the Gulf of Oman. Meanwhile, US President Donald Trump downplayed concerns about rising oil prices and the ongoing war, claiming it would be over within weeks.

The tit-for-tat strikes in the seven-month-long war have pushed energy prices higher, with Iran's new security chief signaling a more aggressive stance. The US claims to have destroyed five Iranian energy tankers, but Tehran retaliated by firing around 20 missiles at American bases and ships. Since the June accord, there have been no peace talks, and there's little indication that the sides will return to the negotiating table.