Petrol & Diesel Prices Today – Sep 8: Fuel rates in Delhi, Mumbai and Bengaluru as Iran eyes Hormuz deal with Oman | Today’s news
Gasoline and diesel prices today, September 8: Fuel rates in India were little changed in some Indian cities on Tuesday, September 8, even as Brent crude futures extended gains after hitting their highest level since July 24. State-owned oil marketing companies (OMCs) continue to charge domestic customers fuel prices that are in line with the May 25 price revision, which saw petrol and diesel hiked by ₹2.7 to ₹2.8 per liter, or
Since India uses a dynamic fuel pricing method, petrol and diesel prices are revised daily at 6:00 AM but remain stable even after minor changes. Commodity prices have thus been stable for the last three months despite significant fluctuations and volatility in world energy prices. Check the latest petrol and diesel prices in your city on September 8.
Oil price today
Global benchmark Brent crude extended the day on Tuesday after rising to its highest level since July 24. Iran’s threat to retaliate against any new U.S. aggression on its assets added risk to the market and signaled a protracted conflict in West Asia, which sent Brent crude futures up 0.35%, or 34 cents, to trade around $97.34 a barrel in early trade. Meanwhile, U.S. West Texas Intermediate crude climbed 1.26%, or $1.15, to trade around $92.63 a barrel, Reuters reported.
ANZ analyst Daniel Hynes said in a note: “The recent escalation of conflict in the Middle East has increased the likelihood of a prolonged standoff, punctuated by calibrated military action by the US and Iran. This could see supplies to the Persian Gulf remain constrained for the rest of 2026,” according to Reuters. He added: “We do not expect a full return to pre-war throughput before late Q1 or early Q2 2027.”
Amid the tit-for-tat strikes, Goldman Sachs raised its forecasts for Brent and WTI prices by $5 to $85 and $80 for December 2026 and $80 and $75 for 2027, respectively, on the assumption that the supply disruption will extend into 2027.
Meanwhile, financial services platform Marex released its September outlook for commodities, with oil prices likely to remain elevated until the end of the year as the war continues, given “a number of issues that still need to be resolved,” according to its analyst Ed Meir.
US-Iran War Update
The recent escalation of military operations between the US and Iran after weeks of calm has prompted traders to build a risk premium into prices. Amid heightened tensions around the key waterway of the Strait of Hormuz, through which almost a fifth of global energy supplies passed before the war, there appears to be little sign of progress towards a diplomatic breakthrough or a return to the peace deal signed in June.
US forces struck three Iranian oil tankers on Saturday, including one near the island of Kharg, Iran’s main oil export hub, according to US Central Command. Iran’s Revolutionary Guards claimed they had retaliated against US warships operating in the region.
Speaking on the phone with his Saudi and Turkish counterparts, Iranian Foreign Minister Abbas Araghchi said a deal with Oman to control shipping through Hormuz was on the wane.
