Petrol And Diesel Rates On August 24: Delhi, Mumbai, Bengaluru Fuel Prices Stay Steady As Crude Slips

Petrol and diesel prices were largely unchanged across major cities on Monday, even as Brent crude and U.S. crude declined after posting strong gains in the previous week.

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Petrol And Diesel Prices On August 24

State-owned oil marketing companies revise fuel prices daily under India’s dynamic pricing system. However, petrol and diesel rates have remained largely stable following the last major revision on May 25.

The rates listed above are the fuel prices reported for August 24. Local taxes and other state-level charges continue to create differences between cities.

Crude Oil Prices Ease After Weekly Gains

Brent crude, the global benchmark, fell 1% to around $93.43 a barrel on Monday, according to Reuters. The contract had gained 6.6% during the previous week. West Texas Intermediate crude also declined 1.1% to approximately $86.14 a barrel.

The crude oil price movement came as markets awaited further details on U.S. sanctions against Iran and their potential impact on energy supplies from the region.

The two oil benchmarks had recorded their second consecutive weekly gains last week, with both rising more than 5%. Disruptions around the Strait of Hormuz have added to supply concerns. The waterway is a major energy transit route that normally handles about 20% of global oil and gas supplies.

U.S.-Iran Tensions Keep Oil Market In Focus

U.S. Treasury Secretary Scott Bessent was scheduled to address the administration’s economic measures against Iran and its trading partners on Monday. The move follows continued pressure from U.S. President Donald Trump on Tehran.

Iran has rejected the latest U.S. measures and described the sanctions as economic terrorism, while Iranian President Masoud Pezeshkian has continued to call for a diplomatic resolution.

Iranian state news agency IRNA reported that Iraqi oil tankers had received permission to transit through the Strait of Hormuz following repeated requests.

The developments have kept the price of crude oil closely linked with geopolitical developments, especially the flow of Iranian oil and traffic through the strategic waterway.

Domestic Fuel Rates Remain Stable

Despite the recent movement in international crude prices, domestic petrol and diesel prices have not moved in line with every change in the global market. State-owned oil marketing companies continue to determine retail fuel rates in India.

For consumers, the petrol price and diesel price in individual cities will therefore depend on the daily pricing decisions of the fuel retailers, along with applicable local taxes and other charges.