Petrol and diesel prices today, July 25: Check fuel prices in Delhi, Mumbai, Bengaluru and Kolkata as oil eases | Today’s news
Gasoline and diesel prices today, July 25: Retail fuel prices in India remained steady on Saturday even as global oil prices fell after reaching triple digits. Petrol and diesel rates continue to be in line with the May 25 price revision, while there were minor changes in domestic petrol and diesel prices.
Since state-owned oil marketing companies (OMCs) set retail fuel prices, Indian consumers have been insulated from global fuel price volatility and price shocks. Despite recent fluctuations in global oil prices, retail fuel prices in India have remained stable across states.
US-Iran War Update
Back-and-forth fighting in West Asia entered a 14th straight day on Saturday after a ceasefire collapsed as Iran attacked US strongholds around the Persian Gulf while the US showed no signs of backing down. The path to diplomacy and a lasting peace deal appears uncertain as fighting flares up again.
US embassies in West Asia warned Americans amid escalating hostilities, while Iran’s Revolutionary Guards issued an advisory for residents of neighboring countries to stay away from US bases and troops. As the two sides vie for control of a critical waterway, the Strait of Hormuz, the addition of Yemen’s Houthis has further escalated tensions. The Iranian-backed Houthis launched attacks on Saudi oil tankers in the Red Sea, further disrupting oil trade in the Suez Canal.
The renewed escalation of fighting signals that there is no imminent return to renewing the peace agreement signed on June 17. According to an Axios report, the United States and the United Kingdom are planning a high-level meeting in London next week to form an international coalition to protect commercial shipping in Hormuz. These steps are being taken as widespread disruption to cargo movement is causing widespread economic turmoil with fuel prices soaring.
The development comes after US missiles hit targets across Iran on Friday and US President Donald Trump vowed “major military punishment” against Tehran. In an Oval Office meeting on Friday, Trump called negotiations with Iran “by far the most serious we’ve ever seen” and noted he was “in no rush” to end the war, the AP reported.
Meanwhile, Iran vowed it would “not bow to American bullying.” According to Iranian Foreign Minister Abbas Araghchi, ongoing discussions with two global powers – China and Russia – are often at odds with the Americans. In an interview with the semi-official news portal Tasnim, he said the Islamic Republic “will not be intimidated by threats, nor will we succumb to pressure.”
An Omani delegation arrived in Tehran on Friday to discuss the reopening of the strait and options for managing shipping.
Brent oil price
Maritime tensions sent Brent crude prices up sharply this week, but the global benchmark retreated from $100 a barrel and fell about 4% on Friday to settle near $97, its biggest one-day drop since late June.
Theodore Bunzel, head of geopolitical advisory at Lazard Asset Management, said: “If the escalation continues and the Strait of Hormuz remains closed, the impact will hit the energy market with much less resilience than in the spring,” the AP reported.
