New Delhi: Petrol and diesel prices remained stable in most cities wideness the country on August 18. Minor changes have been seen in some states, while there was no transpiration in fuel prices in many major cities. Meanwhile, there has been a rise in the prices of transplanted oil in the international market. Pressure on oil prices has increased due to increasing uncertainty regarding peace talks in the Middle East.
Was there a big transpiration in the prices of petrol and diesel today?
On August 18, the prices of petrol and diesel remained scrutinizingly stable in the major metros of the country. There has been no major transpiration in retail fuel rates in many big cities including Delhi, Mumbai, Chennai and Kolkata. However, prices vary from state to state due to taxes and other local charges.
Retail prices of petrol and diesel in India are decided by state-owned oil companies. This is the reason why the effect of fluctuations in the prices of transplanted oil in the international market is not immediately visible on the prices of domestic petrol and diesel.
Why did the prices of transplanted oil rise?
There has been a rise in the prices of transplanted oil in the international market. WTI transplanted rose well-nigh 0.6 per cent to well-nigh 85 dollars a barrel. At the same time, Brent transplanted sealed above 91 dollars per barrel.
The ongoing tension in the Middle East and uncertainty regarding US-Iran talks have increased the concerns of the oil market. Apart from this, the market is moreover keeping an eye on the supply of oil through the Strait of Hormuz.
What is today's price in Delhi, Mumbai and other big cities?
Petrol and diesel prices in major cities on August 18 are as follows:
| City | Petrol Price | Diesel Price |
|---|---|---|
| Delhi | Rs 102.12 | Rs 95.20 |
| Mumbai | Rs 111.21 | Rs 97.83 |
| Chennai | Rs 107.76 | Rs 99.55 |
| Kolkata | Rs 113.51 | Rs 99.82 |
| Gurugram | Rs 102.97 | Rs 95.64 |
| Noida | Rs 101.96 | Rs 95.44 |
| Bengaluru | Rs 111.68 | Rs 99.56 |
| Bhubaneswar | Rs 108.97 | Rs 100.68 |
| Lucknow | Rs 101.86 | Rs 95.36 |
| Patna | Rs 113.37 | Rs 99.36 |
| Jaipur | Rs 113.19 | Rs 98.25 |
| Thiruvananthapuram | Rs 115.49 | Rs 104.40 |
Will international tension stupefy petrol and diesel in India?
Despite the rise in international transplanted oil prices, Indian consumers are currently relieved from the big increase in domestic fuel rates. Government oil marketing companies decide the prices of petrol and diesel in the domestic market.
However, if the rise in global transplanted oil prices continues for a long time, it may impact India's fuel market in the future.
Why did US-Iran tension increase oil market concerns?
There is a possibility of increasing tension tween the deadlock in talks between America and Iran. There has been talk of Iran making its military strategy increasingly aggressive. On the other hand, the US has not shown interest in extending the current negotiation period.
Turkish President Recep Tayyip Erdogan has moreover talked to US President Donald Trump and stressed on finding a diplomatic solution with Iran. Due to such developments, there is snooping well-nigh supply in the global oil market.
