Petrol & Diesel Prices Today — June 26: Fuel rate in Delhi, Kolkata, Mumbai, Bengaluru and other cities as oil margins slip | Today’s news
Petrol and Diesel Prices Today: Fuel prices remained steady across Indian cities on Friday, June 26, even as crude oil prices edged lower on easing supply concerns. Brent crude futures were down 0.25%, or 19 cents, at $75.07 a barrel by 0055 GMT, while U.S. West Texas Intermediate was down 0.18%, or 13 cents, at $71.79 a barrel, Reuters reported.
On Thursday, oil prices rose again for the first time in five days following an attack on a cargo ship in the Strait of Hormuz, renewing concerns about the safe passage of vessels through the key waterway. Crude shipments across the strait this week saw a record surge since the West Asian conflict began in February after a ceasefire deal reopened the waterway.
The global benchmark briefly erased all of its wartime gains on June 25 after a surge in oil tanker transits through the Persian Gulf. Millions of barrels of oil have been added to the global market since the US and Iran signaled progress toward a permanent deal to end the war. Oil futures fell sharply recently on optimism about the peace deal and are still on track for a third weekly loss, Bloomberg reported.
Despite significant turbulence in the global market, retail petrol and diesel prices in India continue to replicate the prices that existed after the last revision on 25 May. Last month, state-owned oil marketing companies (OMCs) hiked fuel prices. After several revisions, the prices of petrol and diesel saw a cumulative increase of approx ₹7.50 a ₹7.60 per liter in petrol and diesel prices.
According to the Wall Street Journal, the vessel was hit in an Iranian attack. But a White House official said it was too early to confirm who carried out the strike.
Due to this new cargo attack incident, several commercial ships turned back while trying to transit through Hormuz. Amid fresh doubts about the normalization of flows through the strait, the International Maritime Organization, the United Nations’ global maritime traffic regulator, suspended its evacuation operations in the strait on Thursday, Bloomberg reported.
The safety of vessels passing through designated Hormuz routes is not guaranteed, Iran says
Two key escape routes through Hormuz have emerged, one near Iran and the other near the coast of Oman, which is protected by the US. As for “guarantees of safe passage”, Iran’s Gulf Straits Authority has said that any transit taking place on routes outside its framework will not be protected.
BOK Financial Securities Inc senior vice president of trading Dennis Kissler said the attack caused a “short covering move,” adding: “If you add a market that has been extremely oversold, prices are more likely to move into a back and fill correction before any new selling occurs,” Bloomberg reported.
