Petrol and diesel prices today: Check fuel prices in Delhi, Mumbai, Bengaluru and Kolkata on July 14 as Brent rebounds | Today’s news
Petrol and Diesel Prices Today: Fuel prices in India remained almost flat on Tuesday despite recovery in Brent crude oil prices. Since the US and Iran signed a memorandum of understanding on June 17 to end the war, oil prices are now at an all-time high. Renewed hostilities and escalating tensions in West Asia have caused dynamic fluctuations in international oil prices, but fuel prices have remained stable in India as they are set by state-owned Oil Manufacturing Companies (OMCs).
On July 14, oil prices rose 2% to a four-week high. This volatility in the price of Brent crude, the international benchmark, comes on the heels of strikes between rivals, which has increased uncertainty over energy flows. Disruption of the trade route in the Strait of Hormuz following the resumption of the US naval blockade introduced new risk to the market.
Brent crude climbed 9.6% in the previous session, the biggest daily gain since May 2020, according to a Reuters report. Brent crude futures posted gains of 2% to settle at $84.98 a barrel. Fuel prices in India are in line with the last major price revision on May 25.
What is the expert projection for the future price of Brent oil?
Infrastructure Capital Management CEO Jay Hatfield said, “They just shipped oil at unbelievable rates,” Bloomberg reported. He added: “We think we’ll stick around that $80 level unless there’s some movement one way or the other in the strait. But I don’t think we’ll go to $90 or $100. And if the strait opens again, we’ll go to $60 in a hell of a hurry.”
What is happening in the Persian Gulf?
According to Iran’s semi-official Fars news agency, Tehran attacked US assets in Kuwait with drones and attacked an “enemy vessel” with cruise missiles. The United Arab Emirates Defense Ministry said on Monday that two of its tankers were hit by two Iranian cruise missiles in Omani territorial waters, the southern strip of Hormuz. One Indian crew member was killed and 8 others were injured in the incident.
Iran’s Foreign Minister Abbas Araghchi mocked Trump’s proposed toll to protect vessels passing through the strait, saying on X: “Iran has always been the GUARDIAN of the strait and will remain so FOREVER,” adding: “Of course 20% is too much. We will be fair.”
RBI raises inflation forecast amid higher global energy prices
The Reserve Bank of India (RBI) raised its inflation forecast for 2026-27 from 4.6 per cent to 5.1 per cent due to rising input costs, driven by higher global energy prices being passed on to retail petrol and diesel rates. Retail inflation rose to 4.38 percent in June from 3.93 percent in May, according to CPI data released by the National Statistics Office (NSO). At the same time, food inflation rose to 5.32 percent in June from 4.78 percent in the previous month.
It is the first time that retail inflation has surpassed the central bank’s mid-point target of 4 percent under the new series, which came into effect in January this year, with a base year of 2024.
