Petrol, diesel prices today, 24 July: Fuel rates in Delhi, Mumbai, Bengaluru, Kolkata as crude hits triple digits
Petrol and diesel prices today, 24 July: Retail fuel prices across India stood steady on Friday even as global crude oil prices soared above triple
Petrol and diesel prices today, 24 July: Retail fuel prices across India stood steady on Friday even as global crude oil prices soared above triple digits for the first time in two months on 23 July. While marginal changes in domestic petrol and diesel prices were witnessed but fuel prices continue to align with 25 May price adjustment. State-run oil marketing companies (OMCs) determine retail fuel rates, which insulate consumers from global fuel price volatility. Brent crude oil price today The global benchmark Brent crude traded around $99.97 a barrel as of 0126 GMT, marking 0.72% retreat, amid escalating geopolitical tensions in West Asia which have heightened energy supply concerns. The US launched its 13th consecutive day of strikes on Iran with the Houthi attacks on tankers in the Red Sea injecting further risk into the market. While US President Donald Trump threatened to extend further strikes on Iran, crude futures climbed about 13.5% this week, Reuters reported.
Amid risk of a supply crunch and a broader economic shock, West Texas Intermediate (WTI) traded around $91.49 a barrel, registering 0.76% fall, as Trump threatened its adversaries. He warned of “major military punishment” in case of further attacks on vessels in the Red Sea. Following collapse of the ceasefire and no signs to revive the lasting peace deal signed on 17 June in the near term, Oil rallied this month, bringing a near halt to traffic movement through the Strait of Hormuz. With traders eyeing Red Sea as a crucial alternative export route, the fighting in the Persian Gulf increases the prospect diversion of flows through the Suez Canal and around Africa after the Houthi attacks, allowing Saudi Arabia's Aramco to bypass Hormuz. Infrastructure Capital Management LLC chief executive officer Jay Hatfield, “If Red Sea traffic is minimal, then we would forecast $120, kind of the inflection point for oil," Bloomberg reported. He added, “If there’s no transportation, then you need conservation.
The way you get conservation is higher prices.” Despite the rise in global crude prices, retail petrol and diesel rates in India have remained stable across states. Check latest petrol and diesel price in your city on 24 July City Petrol Price Diesel Price New Delhi ₹ 102.12 ₹ 95.20 Kolkata ₹ 113.51 ₹ 99.82 Mumbai ₹ 111.21 ₹ 97.83 Chennai ₹ 107.76 ₹ 99.55 Gurugram ₹ 102.97 ₹ 95.64 Noida ₹ 102.12 ₹ 95.56 Bengaluru ₹ 110.44 ₹ 98.39 Bhubaneswar ₹ 108.85 ₹ 100.56 Chandigarh ₹ 101.51 ₹ 89.47 Hyderabad ₹ 115.73 ₹ 103.82 Jaipur ₹ 113.50 ₹ 98.50 Lucknow ₹ 101.89 ₹ 95.36 Patna ₹ 113.37 ₹ 99.36 Thiruvananthapuram ₹ 115.49 ₹ 104.40 *Source: Goodreturns Petroleum Minister addresses E20 concerns, says no plans to restore E0/E10 petrol Minister of State for Petroleum and Natural Gas Suresh Gopi on Thursday addressed concerns around E20 petrol through written replies to questions in the Lok Sabha. The Centre clarified that premium grades of petrol sold by state-run fuel retailers will continue to be supplied without ethanol blending and said that it has not taken any decision to increase ethanol blending in petrol beyond 20 per cent, PTI reported.
The BriefWire