New Delhi: Escalating tensions between the United States and Iran continue to ripple through global energy markets, pushing international crude oil prices higher. Brent crude has been on a steady upward trend in recent days. Despite the surge, retail prices of petrol and diesel across India remained unchanged on Thursday, July 9. State-run oil marketing companies last revised fuel prices on May 25, and rates have since stayed the same in most cities.
Why are crude oil prices increasing?
Tension has further increased in West Asia after America carried out air strikes on Iran for the second consecutive day. Because of this, concerns about global energy supply have increased. The price of Brent crude crossed 79 dollars per barrel, whereas a day earlier it had registered a rise of more than 5 per cent.
Experts believe that if the situation in the Strait of Hormuz worsens, crude oil prices may rise further.
Will petrol and diesel become expensive in India?
At present, there is no change in the prices of petrol and diesel in the country. However, if crude oil prices remain high in the international market for a long time, it may impact fuel prices in the future.
What is the price of petrol and diesel in your city today?
| City | Petrol | Diesel |
|---|---|---|
| Delhi | Rs 102.12 | Rs 95.20 |
| Mumbai | Rs 111.21 | Rs 97.83 |
| Kolkata | Rs 113.51 | Rs 99.82 |
| Chennai | Rs 107.77 | Rs 99.55 |
| Noida | Rs 101.96 | Rs 95.44 |
| Gurugram | Rs 102.97 | Rs 95.64 |
| Bengaluru | Rs 111.68 | Rs 99.56 |
| Jaipur | Rs 112.66 | Rs 97.78 |
| Lucknow | Rs 101.86 | Rs 95.36 |
| Patna | Rs 113.37 | Rs 99.36 |
| Hyderabad | Rs 115.69 | Rs 103.82 |
| Chandigarh | Rs 101.54 | Rs 89.47 |
| Bhubaneswar | Rs 108.97 | Rs 100.68 |
| Thiruvananthapuram | Rs 115.49 | Rs 104.41 |
Why did the debate start again regarding E20 petrol?
The debate regarding E20, i.e., 20 per cent ethanol-mixed petrol, has once again intensified. Aam Aadmi Party’s national convenor Arvind Kejriwal has written a letter to many major automobile companies asking whether E20 fuel has any impact on the mileage and performance of vehicles.
He has sought a written reply from the vehicle companies and said that if the use of E20 causes harm to customers, then responsibility should be fixed.
What do experts say?
Energy market experts say that at present the biggest concern is regarding the Strait of Hormuz. A large part of the world’s crude oil passes through this sea route. If tension increases here or supply is affected, oil prices may increase further in the international market. This may also affect oil-importing countries like India.
