Petrol & Diesel Prices Today, September 5: Check fuel prices in Delhi, Mumbai, Bengaluru as Brent posts weekly gain of 7.6% | Today’s news
Petrol and diesel prices today, September 5: Fuel rates in India remained steady on Saturday, September 5, even as crude oil posted one of its biggest weekly gains since July. State-owned oil marketing companies (OMCs), which revise petrol and diesel prices daily at 6 am, have kept fuel prices steady as India uses a dynamic fuel pricing method.
Domestic fuel retailers have kept commodity prices steady in the past three months despite fluctuations in global energy prices. The last major fuel price revision came about three months ago on May 25, when petrol and diesel prices were hiked ₹2.7 to ₹2.8 per liter, or Check the latest petrol and diesel prices in your city on September 5.
Oil price today
In the seventh month of the US-Iran war, the renewed escalation this week marked the fiercest clash since July and sent oil prices soaring. Due to global energy supply disruptions in West Asia, Brent crude gained 7.6% this week, while US crude rose almost 10%. Oil prices rallied to end higher for the week after a fresh wave of fighting, as global benchmark Brent crude futures rose 0.8%, up 76 cents, to settle at $92.68 a barrel. Meanwhile, West Texas Intermediate crude futures also rose 0.20% by 18 cents to settle at $91.48 a barrel, Reuters reported.
Julius Baer, head of economics and research at Next Generation Norbert Rucker, said: “Oil appears to be at a stage where the stalemate of conflict and recurring hostilities regularly awakens the risk premium embedded in prices,” Reuters reported.
Rucker said: “There is no indication so far that this week’s escalation will significantly affect Middle East exports and tighten the oil market,” adding: “The current recovery in oil appears to be driven mainly by sentiment and fear.”
Preliminary shipping data suggested four cargo vessels passed through the Strait of Hormuz on Thursday, well below the 10-day average of about 15. Meanwhile, analysts at ANZ raised their short-term forecast for Brent crude to $95 a barrel, with risks rising if the conflict intensifies.
The latest news on the US-Iran war
US President Donald Trump played down the conflict on Friday, calling the war in Iran “small potatoes”. His remarks follow a statement from Vice President JD Vance. “You know, we do strike occasionally. So I heard what he said and it was interesting because I think there’s a lot of truth that we’re not fighting right now,” Bloomberg quoted Trump as saying.
Washington’s recent bombing campaign and Iran’s retaliatory attacks on US bases have complicated diplomatic efforts to negotiate peace and restore shipping through the world’s most important energy bottleneck, the Strait of Hormuz, through which nearly a fifth of global supplies are transported.
Amid growing fears of prolonged disruption of energy flows, Trump on Friday said the US military could “very soon” strike Iran’s Pickaxe Mountain, a heavily fortified underground nuclear site, ANI reported. Located near Iran’s badly damaged Natanz uranium enrichment facility, Pickaxe Mountain is a heavily fortified underground complex containing two deeply buried tunnel systems. Iran has moved thousands of centrifuges to a deeply buried facility, The Wall Street Journal reported earlier, citing Israeli intelligence.
Defending the months-long US military campaign against the Islamic Republic, Trump said in the Oval Office that his primary goal was to prevent Tehran from acquiring a nuclear weapon.
