Petrol and diesel prices today, July 24: Fuel prices hit triple digits in Delhi, Mumbai, Bengaluru and Kolkata | Today’s news
Gasoline and diesel prices today, July 24: Retail fuel prices in India remained steady on Friday, even as global oil prices soared above triple digits for the first time in two months on July 23. While minor changes were seen in domestic petrol and diesel prices, fuel prices continue to adjust to the May 25 price adjustment. State-run oil marketing companies (OMCs) set retail fuel prices, insulating consumers from global fuel price volatility.
Brent crude oil price today
Global benchmark Brent crude was trading around $99.97 a barrel at 0126 GMT, down 0.72%, amid escalating geopolitical tensions in West Asia that raised concerns about energy supplies. The US launched a 13th consecutive day of strikes against Iran with Houthi attacks on tankers in the Red Sea, adding further risk to the market. As US President Donald Trump threatened to extend further strikes on Iran, crude futures climbed 13.5% this week, Reuters reported.
Amid the risk of a supply crunch and a broader economic shock, West Texas Intermediate (WTI) traded around $91.49 a barrel, down 0.76%, as Trump threatened his opponents. He warned of “major military punishment” in the event of further attacks on vessels in the Red Sea.
Oil has rallied this month, bringing traffic through the Strait of Hormuz to a near halt after a ceasefire collapsed and with no sign of a near-term revival of a permanent peace deal signed on June 17. As traders eye the Red Sea as a key alternative export route, fighting in the Persian Gulf raises the prospect of diverting flows through the Suez Canal and around Africa following the Houthi attacks, allowing Saudi Aramco to bypass Hormuz.
Infrastructure Capital Management LLC CEO Jay Hatfield: “If the Red Sea traffic is minimal, then we would predict $120, sort of an inflection point for oil,” Bloomberg reported. He added: “If there is no traffic, then you need protection. The way you get protection is higher prices.”
Despite the rise in global oil prices, petrol and diesel retail rates in India remained stable across states.
Oil minister addresses E20 concerns, says no plans to revive E0/E10 petrol
Minister of State for Petroleum and Natural Gas Suresh Gopi on Thursday raised concerns about E20 petrol through written replies to questions in the Lok Sabha. Clarifying that premium grades of petrol sold by state-run fuel retailers will continue to be supplied without ethanol blending, the Center said it has not taken any decision to increase ethanol blending in petrol beyond 20 per cent, PTI reported.
The Petroleum Minister further noted that there is no proposal to resume supplies of E0 or E10 gasoline. He also proposed that instructions be issued to public and private fuel retailers to supply petrol blended with up to 20 per cent ethanol in all states and Union Territories under the Ethanol Blended Petrol (EBP) programme. With effect from 1 April 2026, in particular, motor spirit with an admixture of ethanol with a minimum research octane number (RON) of 95 was announced.
Premium gasolines, which are specialty fuels containing specialized performance-enhancing additives, are not blended with ethanol, including Indian Oil Corp’s XP100, Hindustan Petroleum’s poWer100 and Bharat Petroleum’s Speed100, he confirmed.
According to Suresh Gopi’s statement, any decision to increase ethanol blending beyond 20 percent will be taken only after detailed scientific and technical studies and consultations with automakers, oil marketing companies and research institutions.
