Petrol And Diesel Prices Today, July 24: Fuel Rates Hold Steady As Crude Price Tops $100

Retail petrol and diesel prices remained stable across India on Friday, July 24, despite a sharp rise in the global crude price. State-owned oil marketing companies (OMCs) continued to maintain domestic fuel rates in line with the revision implemented on May 25, shielding retail consumers from volatility in international oil markets.

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The movement in the crude price comes at a time when geopolitical tensions have intensified in West Asia. However, the domestic pricing mechanism followed by OMCs has kept petrol and diesel rates unchanged across key cities, including Delhi, Mumbai, Bengaluru and Kolkata.

Brent And WTI Crude Price Under Pressure From Geopolitical Risks

According to Reuters, Brent crude price traded at around $99.97 per barrel as of 0126 GMT, down 0.72% from the previous session after touching triple-digit levels earlier. The benchmark has gained about 13.5% this week.

West Texas Intermediate (WTI) crude price stood at $91.49 per barrel, lower by 0.76%. Oil markets have remained sensitive to developments in West Asia following continued military action involving the U.S. and Iran, along with attacks on commercial vessels in the Red Sea. The disruption has renewed concerns over global energy supplies and shipping routes.

Petrol And Diesel Prices In Major Cities

Despite higher international oil prices, retail fuel rates across major Indian cities remained unchanged.

Centre Clarifies Position On E20 Petrol

Replying to questions in the Lok Sabha, Minister of State for Petroleum and Natural Gas Suresh Gopi said the government has not taken a decision to raise ethanol blending in petrol beyond 20%. As reported by PTI, he also stated that there is no proposal to restore E0 or E10 petrol supplies.

The minister said premium petrol variants sold by public sector fuel retailers will continue to be supplied without ethanol blending. These include Indian Oil’s XP100, Hindustan Petroleum’s poWer100 and Bharat Petroleum’s Speed100. He added that any future proposal to increase ethanol blending beyond the existing level would be considered only after scientific and technical studies and consultations with automobile manufacturers, oil marketing companies and research institutions.

Although the crude price has risen sharply over the past week, retail fuel prices in India have remained insulated under the current pricing framework. Market participants will continue to monitor global oil developments and geopolitical events for their potential impact on international energy markets, while domestic petrol and diesel rates remain unchanged for consumers.