Petrol, Diesel Rates Today: Check Fuel Prices By Cities for July 23 Due To Rising Crude Price

Fuel prices across the country were stable on Thursday, July 23, despite rising global crude oil prices amid tension in the Middle East. Oil marketing companies (OMCs) kept petrol and diesel prices unchanged in most cities despite Brent crude touching its highest level in over six weeks.

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The latest rise in the crude price follows concerns over potential supply disruptions after fresh military developments involving the U.S., Iran and shipping routes in the Red Sea. While international oil benchmarks moved higher, domestic fuel prices remained broadly unchanged.

Petrol and Diesel Prices Across Major Cities

Crude Price Climbs Above $95 Per Barrel

Global oil markets extended their gains after renewed military action heightened concerns over energy supplies. Brent crude futures rose nearly 2% to touch $96 per barrel during early trade after settling at $94.07 in the previous session. U.S. West Texas Intermediate (WTI) crude price also advanced about 1.7% to $88.27 per barrel, according to Reuters.

The rise in the crude price has been driven by fears of supply disruptions in key oil-producing regions, although domestic retail fuel rates have not been revised.

Middle East Developments Remain in Focus

The U.S. launched another round of strikes after President Donald Trump warned of stronger action if attacks on ships passing through the Strait of Hormuz continued.

Iran’s Revolutionary Guards said an oil tanker caught fire following an explosion south of the Strait of Hormuz and claimed that two other tankers turned back. They also maintained that the strategic waterway remained under Iranian control.

Separately, the Iran-backed Houthi group announced a naval blockade targeting Saudi Arabia and warned of attacks on vessels carrying Saudi crude through the Bab el-Mandeb Strait. The group claimed responsibility for attacks on two Saudi oil tankers, while maritime security agencies reported that one of the identified vessels had been struck in the Red Sea.

U.S. Inventory Data Adds to Supply Outlook

Fresh data from the U.S. Energy Information Administration (EIA) showed that U.S. crude inventories increased by 2 million barrels last week as refinery activity slowed, crude exports declined and imports increased. Reuters reported that analysts had expected inventories to decline by around 1.1 million barrels.

Although the crude price has continued to strengthen in global markets, retail petrol and diesel prices in India remain unchanged for now. The market players will continue to keep an eye on international oil prices and global affairs that may affect future adjustments in domestic fuel prices.