On August 11, petrol and diesel prices in major Indian cities remained unchanged, a stability maintained for over two months by state-run oil companies. This occurred despite a continued climb in international crude oil prices.
Petrol and diesel prices remained largely unchanged across major Indian cities on Tuesday, August 11, even as international crude oil prices continued to climb amid growing uncertainty over a possible US-Iran peace deal. State-run oil marketing companies have kept retail fuel rates stable despite renewed volatility in the global oil market.
The latest fuel prices continue to reflect the last major revision made more than two months ago. State-run oil marketing companies update petrol and diesel prices daily at 6 am under the dynamic pricing system, although rates in major cities have remained steady.
Petrol and Diesel rates today: City-wise prices
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Why are crude oil prices rising?
Global crude oil prices have extended their gains as hopes of an agreement to reopen the Strait of Hormuz have weakened. Brent crude was trading around $87.81 per barrel, after gaining roughly 10% over the previous four sessions. US West Texas Intermediate crude futures were around $82.20 per barrel.
The uncertainty has intensified after US President Donald Trump demanded compensation for damage incurred by the US during the conflict with Iran. The situation has also affected energy infrastructure in the region. Saudi Aramco postponed the restart of its 400,000-barrel-per-day Jazan refinery, with the reopening date pushed to August 30 after attacks claimed by the Houthis.
Bloomberg quoted Tim Waterer as saying, “The chokehold risk around both the Strait of Hormuz and the Bab el-Mandeb remains highly significant.” He added that even intermittent restrictions or the threat of further incidents could keep insurance costs elevated and force ships to take longer routes, leaving energy flows constrained in the near term.
Experts flag concerns over ethanol-blended fuel
Separately, a group of experts has raised concerns over India’s ethanol-blended fuel policy. The experts said the policy could have implications for land use, agricultural patterns, food security, groundwater levels and household incomes.
They also called for lower prices for ethanol-blended fuel to compensate consumers for reduced vehicle efficiency and expenses linked to possible wear and tear of vehicle components.
For consumers, the key takeaway on August 11 is that petrol and diesel prices have remained stable despite the sharp movement in global crude oil prices. However, continued geopolitical tensions and disruption risks around major oil-shipping routes could remain an important factor for India’s fuel market in the days ahead.
Also Read: Petrol, Diesel Prices Today, August 9: Oil Market Tensions Rise, Check Rates in Delhi, Bengaluru & More