Petrol & Diesel Prices Today: Check Latest Fuel Prices in Delhi, Mumbai, Bengaluru, Kolkata Amid Tax Windfall | Today’s news
The renewed hostilities erased some of the roughly 30% drop in oil prices in the second quarter. Carlyle Group Inc senior adviser Jeff Currie said: “So not only have we now lost all the Straits of Hormuz again, but we’ve also lost oil and refineries in Russia.” He added: “The situation in energy, I would say, is quite dire.”
The domestic retail price of petrol and diesel is determined by state-owned Oil Marketing Companies (OMCs), so global fluctuations in oil prices have no real impact on consumers in the short term.
Brent crude oil price today
Brent crude futures were up 0.4% at $85.28 a barrel, up 33 cents at 00:26 GMT, Reuters reported. According to Goldman Sachs, Brent could rise to as high as $110 a barrel in the fourth quarter if the recovery in Gulf exports continues to stall. However, the opposite would be the case if tensions ease and output recovers faster than expected, and oil could fall into the 60s by the end of the year.
Trump plans to expand military operations on Kharg Island, home to the Islamic Republic’s main oil export terminal, according to a Wall Street Journal report. Regarding tanker movements in the Persian Gulf, Central Command spokesman Capt. Tim Hawkins said U.S.-assisted transits reached double digits Tuesday night. In the past week, nearly 300 ships crossed the waterway, half of which were assisted by US forces.
Center raises windfall taxes on exports of diesel and jet fuel
The Center has raised unexpected taxes on exports of diesel and aviation turbine fuel (ATF) amid a surge in global oil prices due to the conflict in West Asia. Duty on diesel and aero turbine exports has been increased by ₹7 per liter each, while the export duty on petrol has been reduced to ₹2.5 per liter from ₹4 per liter. Diesel export duty is now ₹15.5 per liter and for aviation turbine fuel it is ₹14.5 per liter.
