Petrol & Diesel Prices Today 3 Sep: How Expensive is Fuel in Delhi, Mumbai, Bengaluru as Oil Price Drops | Today’s news
Gasoline and diesel prices today, September 3: Fuel rates in India remained steady on Thursday, September 3, even as oil prices fell after US President Donald Trump downplayed the prospect of a protracted conflict with Iran. State-owned oil marketing companies (OMCs) revise petrol and diesel prices daily at 6:00 a.m. as India uses a dynamic fuel pricing method.
Domestic fuel retailers have kept commodity prices steady for the past three months despite volatility in global energy prices, driven mainly by the US-Iran war and the disruption of the Strait of Hormuz trade route, through which a fifth of the world’s energy supplies passed before the war in West Asia. 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 September 3.
Brent crude oil price today
Brent fell 0.6% to trade around $95.10 a barrel on Thursday after Trump said renewed attacks on Iran were likely to be short-lived, while West Texas Intermediate crude fell 0.4% to trade around $90.66 a barrel.
US-Iran War News Update
Amid the US bombing campaign, Trump said: “I don’t think for too long,” reiterating his claim that the US controls the key Strait of Hormuz, adding: “We are ready to do more. The renewed strikes followed weeks of relative calm after the two arch-rivals exchanged their heaviest fire since July. Following US attacks on Iran, Iran later retaliated by launching drones and missiles at US bases across West Asia.
While investors remain focused on the state of the US-Iraq war, the latest flare-up raises the prospect of deeper disruption and oil prices remain up nearly 60% this year. However, since the collapse of the June deal, neither the US nor Iran have shown willingness to come to the negotiating table.
The spokesman for the Iranian Ministry of Health, Hossein Kermanpour, reported the number of wounded in the latest US attacks. In a post on X, he claimed that 142 people, including 61 women and 44 people under the age of 18, were injured in the recent US attack. According to Kermanpour, 18 people were killed in the attacks, including two women and a child.
BOK Financial Securities Inc senior vice president of trading Dennis Kissler said: “The latest escalation should keep support below the market, but keep in mind that both the US and Iran are looking for off-ramps here,” adding: “More peace talks could quickly lower prices,” Bloomberg reported.
In an interview in Caracas, Chevron Corp CEO Mike Wirth said the global oil market was returning closer to balance as supplies continued to leave the Persian Gulf, although risks remained. Despite disruptions to energy flows across the strait, some oil exports were leaving the Persian Gulf on tankers with transponders turned off, as US Energy Secretary Chris Wright pointed out. He said on Monday that 17 million barrels of oil had left the waterway this week, with average flows of about 8 million barrels a day.
