Petrol & Diesel Prices Today – July 15: Fuel prices in Delhi, Mumbai, Bengaluru and Kolkata as crude extends profit | Today’s news
Petrol and Diesel Prices Today, July 15: Retail fuel prices in India remained flat on Wednesday despite Brent crude rising for the third straight day. Oil prices rose after the collapse of the U.S.-Iran ceasefire as U.S. President Donald Trump threatened more strikes on the Islamic Republic. The disruption of the shipping route in the Strait of Hormuz has increased uncertainty about energy flows.
The US on Tuesday renewed its blockade of Iranian ports and launched new strikes. In retaliation, Iran launched retaliatory attacks on US infrastructure in Bahrain and Kuwait early on Wednesday. As the two sides traded tit-for-tat strikes, the escalation of hostilities introduced new risk to the market. Brent crude, the international benchmark, gained 1.72% to settle at $86.19 a barrel at 0029 GMT after rising 11% in the previous two sessions.
Oil prices rose to their highest level in about a month, recovering some of the roughly 30% drop in the second quarter. Since state-owned oil marketing companies (OMCs) set the domestic price of petrol and diesel, global fluctuations in oil prices have not translated into immediate changes at the fuel pump.
Trump withdraws proposal for 20% transit fee through Hormuz after pressure in Persian Gulf
US President Donald Trump, due to pressure from allies in the Persian Gulf, reversed his proposal for a 20% fee for transit through Hormuz. In a post on social media, he said: “I have decided to replace the 20% US countervailing charge with trade and investment agreements that various Gulf states are entering into with the United States.”
According to the US president, the upcoming direct investment in the US from the Gulf states made him reverse his decision on the transit fee. Trump backed away from his plan just a day after the fee was announced, saying in an interview, “I don’t like the concept of the fee,” adding, “They’re going to make massive investments in the United States, and I like that a lot more,” Bloomberg reported.
Amid rising tensions in West Asia, KCM Trade chief market analyst Tim Waterer said: “The chances of oil moving back to $100 in the reasonably near term are still meaningful if hostilities intensify to damage energy infrastructure around the Persian Gulf,” Reuters reported.
He suggested Brent prices could remain at $75-$80 a barrel if diplomatic efforts help reopen the strait, adding: “For now, the risk premium is still entrenched, but it’s not a one-way bet as there are still incentives for both sides to find a diplomatic solution.”
Arvind Kejriwal writes to PM amid ‘huge public outcry’ over E20 petrol
AAP chief Arvind Kejriwal on Tuesday addressed a letter to Prime Minister Narendra Modi seeking a meeting to discuss concerns over E20 petrol amid “tremendous public outrage”. In his letter, Kejriwal demanded a reduction in the price of E20. At the same time, he suggested that consumers should have a choice between pure gasoline and ethanol-admixed fuels.
“If someone wants clean gasoline, they should get that option, and those who want E20 should have that option as well,” he wrote.
