Petrol and Diesel Prices Today, July 21: Fuel prices in Delhi, Mumbai, Bengaluru and Kolkata as oil prices fall | Today’s news
Gasoline and diesel prices today, July 21: Retail fuel rates in India remained steady on Tuesday despite softening in benchmark Brent crude. Markets weighed reports of mediation efforts between the United States and Iran against a fresh exchange of strikes over threats of a naval blockade of Saudi Arabia by Yemen’s pro-Iranian Houthis. Oil settled after two days of gains amid diplomatic pressure to revive a permanent peace deal signed on June 17.
Despite global fluctuations in oil prices over the past week, Indian consumers remain insulated from the impact as state-owned oil marketing companies (OMCs) determine retail fuel prices. Petrol and diesel prices in India continue to be in line with the last major price revision on May 25.
Brent crude oil price today
Oil prices fell from a one-month high on July 21 as Brent crude futures fell 0.4% to trade below $89 a barrel after rising nearly 6% over the previous two sessions.
Despite diplomatic pressure to end the war, IG market analyst Tony Sycamore said: “(Oil) has come a long way and certainly has the potential to go higher again. But in the short term, overnight talks of de-escalation and peace talks seem to cap the rally for now. Whether anything comes of these peace talks remains to be seen,” Reuters reported.
The latest update on the US-Iran war
The US military carried out its 10th consecutive attack on Iran on Monday night as Tehran continued to attack tankers in the Persian Gulf as the two sides vie for control of the Strait of Hormuz.
Iran has reportedly received a proposal from mediators for a 10-day ceasefire in an attempt to save the interim agreement. According to a Reuters report, the move is intended to pave the way for a permanent deal.
On Monday, visible traffic through the Strait of Hormuz came to a near standstill as violence flared around the waterway. The Houthis threatened to impose a naval blockade on Saudi Arabia on Monday, signaling the possibility of trade disruptions across the Persian Gulf.
KCM Trade chief market analyst Tim Waterer: “Threats of a naval blockade of Saudi Arabia by the Houthis are significant as they raise the risk of disruption to another major oil exporter,” Reuters reported.
Row E20: Center guarantees no impact on India’s food security with 20% ethanol blending target
The Union government on Monday dismissed concerns over the impact of the 20% ethanol blending target on national food security. In a lengthy written reply to the Rajya Sabha, Minister of State for Petroleum and Natural Gas Suresh Gopi clarified that the government follows an “unrestricted Minimum Support Price (MSP) procurement system under which procurement for Public Distribution System (PDS), National Food Security Act (NFSA), Other Welfare Schemes (OWS) and Prescribed Reserve Stocks are accorded top priority.”
