Petrol and Diesel Prices Today — July 10: Check fuel prices in Delhi, Mumbai, Bengaluru and Kolkata as oil prices fall | Today’s news
Petrol and Diesel Prices Today, July 10: Fuel prices in India remained largely unchanged on Friday, despite an easing in oil prices after a turbulent week. Talks between the US and Iran have resumed and flare-ups of fighting appear to have subsided as both sides work to find a solution.
Brent crude, the international benchmark, fell more than 2% to trade around $76 a barrel on Thursday as markets calmed after US President Donald Trump said the interim peace deal was over, Bloomberg reported. While the status of the interim agreement remains unclear, both sides have stopped short of returning to all-out war and have adhered to some of the provisions of their truce.
Oil tanker transit through the Persian Gulf was severely affected and almost stopped on July 9 following the recent escalation despite Washington’s declaration that “Iran does not control the Strait of Hormuz”. According to Warren Patterson, head of commodity strategy for ING Groep NV in Singapore, tanker traffic remains above pre-MoU levels despite a decline in recent days.
“The market appears to view the latest US-Iran tensions as a challenge to the truce process rather than a complete collapse,” Bloomberg quoted Warren Patterson as saying. He added: “News of ongoing talks between Washington and Tehran also help reassure the market that diplomacy remains the preferred route.”
Have recent fluctuations in Brent prices affected petrol and diesel prices in India?
No, the fluctuation in Brent price has had no impact on petrol and diesel prices in India as domestic fuel prices are determined by state-owned oil marketing companies (OMCs). OMCs continue to offer petrol and diesel at similar rates since the last revision on May 25.
Following the drop in fuel prices after the signing of the peace accord, Aam Aadmi Party (AAP) national convener Arvind Kejriwal has called for a reduction in fuel prices. Arguing that fuel prices should be reduced to provide relief to consumers from inflation, he said, “Clean petrol should be available in our country at ₹82 per liter; and if we switch to E20 fuel, I believe the price should drop even further, approx ₹70 per liter compared to ₹102 is currently charged for E20 petrol,” ANI reported.
He made these demands while addressing the media in the state capital on Thursday. “We can calculate diesel prices in the same way; diesel prices could also come down. If petrol and diesel prices come down, I believe it would deal a big blow to inflation and give the people much-needed relief,” the AAP chief said days after Petroleum and Natural Gas Minister Hardeep Singh Puri said OMCs can ask for retail fuel rates if oil prices remain stable.
