Petrol and diesel prices today: Fuel rates in Delhi, Mumbai, Bengaluru amid stalled US-Iran talks on Hormuz | Today News
Petrol and diesel prices today, 17 August: Brent crude, the global benchmark, stood steady at $88.50 a barrel on Monday after gaining 6% last week as investors keep a wary eye on oil prices. Crude oil notched sizeable gains last week but fuel rates remained unchanged across major Indian cities on 17 August. Since state run Oil Marketing Companies (OMCs) set retail prices of petrol and diesel, Indian consumers continue to be insulated from volatility in global energy prices and fluctuations.
Due to lack of progress in peace talks towards ending the US-Iran war, oil tanker traffic through the strategic Strait of Hormuz remained halted. On Sunday, Lebanon witnessed its deadliest day of fighting in months, as Israel struck Tehran-backed Hezbollah.
AMP Chief economist Shane Oliver said, “While there is still no resolution to the Iran/Hormuz impasse, our base case remains that oil prices will stay in a $70-$100 range with Iran preventing it going lower and the U.S. moving to try and calm things down whenever it gets above $100,” Reuters reported.
He added, “The risk remains that there will be no sustainable peace deal, the flow of oil out of the Middle East remains down 10%-15% on normal levels and that we will have to face higher oil prices as reserves run down.”
US-Iran war update
US war against Iran now in its sixth month while wider negotiations appeared to be at a standstill. At the same time, talks between Iran and Oman on management of Hormuz seem to be moving closer to a deal but it is unlikely that the US will agree to terms that don’t restore free passage along the trade route that used to handle a fifth of the world’s oil and liquefied natural gas each day.
Iran’s Army Commander-in-Chief Amir Hatami on Sunday said the waterway is a “God-given geopolitical asset for the Iranian nation and this leverage will never return to its former state,” Iran’s semi-official Fars news agency reported. He added “We will protect this capacity with all our power.”
Trump welcomes Mecca agreement
Trump on Sunday in a post on Truth Social welcomed Mecca agreement, comprising Saudi Arabia, Turkey, and Pakistan. “Very happy to see that Saudi Arabia, Turkey, and Pakistan have recently, and finally, signed the Mecca Joint Defence Agreement. It shows how the Middle East is coming together, and how Countries will finally be able to defend themselves in a more meaningful way. Congratulations to the Great Leadership of the three Nations mentioned,” the post said.
Centre blames multiple factors for mileage drop amid E20 debate
The Central government on Saturday blamed multiple factors for mileage drop as it contended that E20 petrol alone cannot be held responsible for changes in vehicle mileage. Emphasizing that real-world fuel economy depends on several factors, including driving habits, traffic conditions, vehicle maintenance, tyre pressure and use of air conditioning, the Ministry of Petroleum and Natural Gas in a post on X said, “E20 has undergone extensive testing and validation, while real-world mileage depends on the overall driving and vehicle conditions.”