Petrol and diesel prices today: Fuel prices in Delhi, Kolkata, Mumbai and other cities as Brent crude falls to pre-war levels | Today’s news
Petrol and diesel prices today: Fuel prices remained largely unchanged in Indian cities on Thursday, June 25, even as Brent crude moved into a bearish contango structure for the first time since the start of the war. The decline in the price of the global benchmark can be attributed to the easing of geopolitical tensions in West Asia and the resumption of tanker flows through the Strait of Hormuz.
Brent crude fell below its pre-conflict closing price to settle at $72.48 a barrel. After peaking just above $120, international oil prices cooled, including West Texas Intermediate and Dated Brent, Bloomberg reported. Positive sentiment swept the market after the US and Iran signaled progress in peace talks following initial discussions on a lasting deal.
“More supply, lower demand led to a drop in price,” says the expert
“It’s pretty amazing, the price and the turnaround in the story, even though the market was less than two weeks ago,” Bloomberg quoted New York University’s Center for Global Affairs associate dean Carolyn Kissane as saying. She added: “The idea that we’re focusing on seeing more supply with less demand has really driven prices down.”
Retail refiners in India continue to charge the price that was introduced after the May 25 hike. Petrol and diesel prices underwent several revisions last month, resulting in a cumulative increase of approx ₹7.50 a ₹7.60 per liter in petrol and diesel prices.
The center on Thursday assured that the ethanol blending program is safe, consumer-friendly and economically viable. Dismissing concerns that the use of E20 fuel could affect the validity of vehicle insurance policies, the Ministry of Petroleum said in a statement: “”Ethanol blending is a globally accepted practice and has been successfully implemented in several countries, including the United States, Brazil and Japan.”
According to the Indian government, E27 serves as the standard Brazilian gasoline blend that was adopted a long time ago. With higher levels of ethanol blending, the statement added, “Ethanol blending plays an important role in increasing India’s energy security, reducing carbon emissions and accelerating the country’s transition to cleaner mobility.”
According to the latest update on the situation in the Strait of Hormuz, 30 India-bound ships have successfully crossed the strategic waterway since the start of the US-Iran war. According to a Times of India (TOI) report, nearly half of the 30 ships were carrying liquefied petroleum gas (LPG) and liquefied natural gas (LNG), while eight others were carrying bulk cargo and seven were oil tankers. Meanwhile, another 26 vessels of Indian interest remain in the Persian Gulf awaiting passage.
From March 1 to June 17, up to 19 ships passed through. After the signing of a memorandum of understanding between Washington and Tehran, 11 of them crossed the strait.
