Petrol & Diesel Prices Today — July 26: Fuel rates in Delhi, Mumbai, Bengaluru and Kolkata as US suspends strikes on Iran | Today’s news
Gasoline and diesel prices today, July 26: Retail fuel prices in India remained steady on Sunday despite marginal fluctuations between cities. Domestic fuel rates continue to adjust to the May 25 price revision, the last major price revision, when state-run fuel retailers hiked petrol and diesel prices by Rs 2.61 to Rs 2.61 ₹2.71 per liter. Domestic consumers remain insulated from global fuel price fluctuations and price shocks as state-owned oil marketing companies (OMCs) set retail fuel rates.
Brent crude oil price today
Global benchmark Brent has risen 27% in the past two weeks after renewed fighting between the United States and Iran. Oil settled at $96.78 a barrel after markets closed on Friday, Bloomberg reported.
With both sides aggressively vying for control of the Strait of Hormuz, a strategic waterway through which a fifth of the world’s oil and gas trade takes place, there appears to be no sign of a renewal of the June 17 peace deal in the near future. The truce between the adversaries collapsed after a recent escalation of fighting that paralyzed the movement of oil tankers through the Persian Gulf. The Iranian-backed Houthis in Yemen have effectively opened a second front in the war, further disrupting energy flows through the Red Sea.
Amid energy supply concerns, the Ministry of Petroleum and Natural Gas said on July 25 that India’s 23 oil refineries convert crude oil into a diverse range of fuels and petroleum products that power transportation, aviation, industry, agriculture and millions of households across the country.
A post on X further states, “As one of the world’s leading refining hubs, India not only meets the country’s growing energy needs, but also exports high-quality petroleum products to many countries, strengthening global energy supply chains and strengthening India’s position in the global energy landscape.”
US-Iran War Update
The US has suspended its strikes on Iran for the first time in two weeks, despite Houthi militants attacking Saudi oil facilities at two ports on the Red Sea coast, Reuters reported. Jizan and the port cities of Yanbu, home to oil giant Saudi Aramco, came under Houthi attack on Saturday.
In retaliation, the Saudi-led coalition struck Houthi military positions later Saturday, Yemeni television reported. This came a day after the coalition attacked the port from which the Houthis’ naval attacks usually originate. In response, the Houthis announced they would block Saudi ports and attack two Saudi-linked oil tankers in the Red Sea.
US President Donald Trump on Friday ordered the military not to launch new strikes against Iran, Axios reported. White House spokesman Steven Cheung, who advised Iran to pursue a negotiated deal, said in a statement: “President Trump has consistently said that he ‘prefers a diplomatic solution, but continues to reserve all options if Iran continues to engage in terrorist activities in the Strait of Hormuz or against allies,'” Bloomberg reported.
