Petrol, Diesel Rates Unchanged On August 31 As Brent Crude Price Rises

Petrol and diesel prices were unchanged across major cities on August 31, with state-run oil marketing companies keeping retail rates steady. The latest stability comes despite fresh movement in global crude markets after U.S. military action against Iran raised concerns over oil shipments through the Strait of Hormuz.

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Petrol And Diesel Rates Across Major Cities

Fuel prices are reviewed daily by state-owned oil marketing companies under the dynamic pricing system. However, the retail rates have not undergone a major revision for several months.

Last Major Fuel Price Revision

The previous significant change came on May 25, when petrol prices were raised by around ₹2.70 per litre and diesel rates by about ₹2.80 per litre. Since then, domestic pump prices have largely held their existing levels despite fluctuations in international crude.

The stability in the petrol price and diesel price comes against a backdrop of continued uncertainty in global energy markets. The Strait of Hormuz remains a key concern because of its importance to international oil transportation.

Brent Crude Price Moves Higher

The Brent crude price rose 1.9% to around $89.75 a barrel after the U.S. military carried out its latest action against Iran. West Texas Intermediate crude also advanced 1.7% to nearly $84.80 a barrel, Bloomberg reported.

The move followed a renewed escalation after a period of relative calm. The latest developments have brought shipping through the Strait of Hormuz back into focus for global energy markets.

The United States Central Command said on August 30 that its forces had redirected 83 commercial vessels, disabled three and boarded two as part of enforcement of the blockade. It also said Iranian Revolutionary Guard forces were preparing to launch rockets with sea mines into the strait.

Fuel Rates Remain Steady Despite Global Oil Moves

Iran has threatened retaliation following the latest U.S. military action. Iranian state broadcaster reports also said several Iranian fighters and civilians were killed or injured.

For Indian motorists, however, the immediate impact has not been reflected in pump prices. Petrol and diesel rates across the listed cities remained unchanged on August 31, leaving consumers to pay the prevailing retail prices while developments in global crude markets continue to be monitored.