Fuel Prices Hold Steady as Global Oil Market Faces Shortfall
The price of petrol and diesel in India remained unchanged on August 13, despite fluctuations in Brent crude oil prices. According to data from state-run Oil Marketing Companies (OMCs), fuel rates have held steady since May 25, when the last major price revision was implemented.
Retail petrol and diesel prices are updated daily at 6:00 AM under dynamic pricing. As of August 13, the current prices are as follows:
New Delhi: Petrol ₹102.12, Diesel ₹95.20
Kolkata: Petrol ₹113.51, Diesel ₹99.82
Mumbai: Petrol ₹111.21, Diesel ₹97.83
The Brent crude oil price fell by 1.5% or $1.29 to trade at $87.69 a barrel at 0100 GMT, while US West Texas Intermediate (WTI) crude dropped $1.30, or 1.6%, and stood at $81.97.
Haitong Futures analysts said that the safety situation for navigation in the Strait of Hormuz has further deteriorated, forcing vessels to turn off their signals, which reduces transparency in shipping and makes it more difficult for the market to track and assess actual supply levels.