Global Oil Prices Soar Amid US-Iran Tensions, Petrol Diesel Rates Unchanged in India
Petrol and diesel prices in India remained steady on August 15, as oil prices surged globally due to tensions between the US and Iran. The price of crude oil climbed over $1 a barrel after tanker attacks and a lack of progress on a peace agreement between the Trump administration and Iran's leadership.
In New Delhi, petrol costs ₹102.12 per litre and diesel costs ₹95.20 per litre. In other major cities, prices range from ₹99.82 to ₹115.43 per litre for diesel and from ₹97.83 to ₹113.51 per litre for petrol.
The global oil price increase is due to the ongoing crisis in West Asia, which has led to a naval blockade of Iranian ports by the US. The Strait of Hormuz, through which 20% of global supply passes, remains constrained, posing a significant risk to global energy supplies.