Petrol And Diesel Prices Today: Fuel Rates Hold Steady Despite Rise In Brent Crude Price

Petrol and diesel prices remained stable across major Indian cities on Thursday, July 9, with state-owned oil marketing companies retaining retail rates despite the recent rise in global crude oil price. The latest revision to domestic fuel prices was carried out on May 25, and there has been no change since then.

The crude price has moved higher over the past two sessions after fresh geopolitical tensions between the U.S. and Iran raised concerns over energy supplies from West Asia. Despite the global rally, the petrol price and diesel price in India have remained unchanged.

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Petrol And Diesel Prices On July 9

Crude Oil Price Extends Gains

The crude price continued to strengthen after the U.S. launched fresh strikes against Iran, heightening concerns over possible disruptions to oil supplies from the region. Brent crude traded above $79 a barrel after gaining more than 5% in the previous session, while West Texas Intermediate also remained higher.

According to Bloomberg, the latest escalation has renewed concerns over shipping through the Strait of Hormuz, a key global oil transit route. The developments have kept energy markets volatile, although domestic retail fuel prices in India have not yet reflected the increase in international benchmarks.

Factors That Influence Fuel Prices

The price of petrol and diesel in India is related to the changes in international crude price, but it is also affected by changes in exchange rate, margin at refineries, cost of transportation, and taxes levied by central and state government. Thus, the changes in international oil market do not always affect the pump prices.

Market participants are also monitoring developments related to ethanol-blended fuel. According to PTI, Aam Aadmi Party national convenor Arvind Kejriwal has written to several automobile manufacturers seeking clarification on the impact of E20 fuel on vehicle mileage and performance.

For now, motorists across the country continue to pay unchanged fuel rates, while the direction of domestic prices will depend on future movements in the crude price and decisions taken by oil marketing companies.