Petrol and diesel prices today: Fuel prices in Delhi, Mumbai and Bengaluru, oil sees first weekly decline in three weeks | Today’s news
Gasoline and diesel prices today, August 27: Petrol and diesel prices remained largely unchanged on Sunday, August 30, despite state-run Oil Marketing Companies (OMCs) revising fuel prices daily at 6:00 am. Slight changes in petrol and diesel prices have been observed as India uses dynamic fuel pricing method.
However, fuel prices have remained stable for the past three months despite fluctuations in global energy prices, which were mainly caused by the war between the US and Iran and the closure of the shipping route through the Strait of Hormuz. The last major fuel price revision took place on May 25, when gasoline and diesel prices were increased ₹2.7 to ₹2.8 per liter, or Check the latest petrol and diesel prices in your city on August 30.
Brent crude oil price today
Oil prices fell on Friday, posting their first weekly decline in three weeks. Brent crude, the global benchmark, settled slightly lower on August 28 as traders weighed Kevin Warsh’s first speech as Fed chairman along with rumors of a possible deal on shipping through Hormuz, a strategic waterway through which a fifth of global energy supplies passed before the war in West Asia. Brent crude fell 0.43%, or 39 cents, to settle at $89.31 a barrel, Reuters reported. Meanwhile, West Texas Intermediate crude futures also fell 0.16%, or 13 cents, to settle at $83.40 a barrel.
US-Iran War Update
Amid stalled US-Iran talks and US President Donald Trump’s economic pressure campaign, Tehran signaled on Saturday that it would not back down. Iran’s Deputy Foreign Minister Kazem Gharibabadi, who pledged to resist US sanctions, continue diplomacy and maintain control of the strait, said Iran and Oman had reached an understanding on the Strait of Hormuz. He further noted that the agreement will not be implemented until the United States fulfills its obligations under the Islamabad Memorandum of Understanding, Iranian media reported.
“The Strait of Hormuz remains closed and any vessel passing through the strait does so in coordination with Iran,” Kazem Gharibabadi said on Saturday, adding: “We will continue our own defensive measures and are prepared for any scenario.”
Iraqi Prime Minister Ali al-Zaidi’s security adviser Qasim al-Araji said on Saturday that the country wants to serve as a bridge between the two warring nations. “We have good relations with Iran and the United States and we are trying to be a bridge,” Qasim al-Araj told Al Jazeera.
The price of CNG has risen amid a sharp rise in LNG costs
The price of Compressed Natural Gas (CNG) was hiked in Delhi and nearby cities like Noida and Ghaziabad on Saturday, August 29. Indraprastha Gas Ltd (IGL) has revised prices, citing a sharp rise in international LNG prices due to disruptions in the movement of gas cargoes through the Strait of Hormuz. CNG price in Delhi has been increased by ₹3.89 per kg which is the price now ₹86.98 per kg. With the price adjustment, the cumulative increase in CNG prices in Delhi this year is almost close ₹10 per kg, PTI reported.
