Brent Price Drop Doesn't Impact India's Steady Fuel Rates Amid US-Iran Deal Optimism

Petrol and diesel prices in India have remained steady despite fluctuations in Brent crude price due to optimism over the US-Iran deal.

On Monday, Brent crude fell as much as 7.3% to $81.55 a barrel after US President Donald Trump announced that fresh talks with Iran would resume.

The decline in Brent prices did not affect retail fuel rates in India, which have been unchanged since the last major price adjustment on May 25.

State-owned oil marketing companies set retail petrol and diesel rates, shielding consumers from fluctuations in global oil prices.

In July, petrol sales rose 9.7% year-on-year to 3.45 million tonnes, while diesel sales climbed 10.7% to 7.12 million tonnes due to below-normal monsoon rainfall boosting fuel demand from farmers and motorists.