Indian Fuel Prices Hold Steady Amid US-Iran Deal Optimism

Retail fuel rates in India remained steady despite fluctuations in global oil prices on August 3. The price of Brent crude, the global benchmark, fell due to positive sentiment over US-Iran deal optimism.

The price drop was caused by news that US President Donald Trump agreed to cancel a planned attack on Iran after being persuaded by allies to pursue a deal. Iranian Foreign Minister Abbas Araghchi also confirmed resumption of talks with Oman.

Petrol and diesel sales in India increased in July due to below-normal monsoon rainfall, which boosted fuel demand from farmers and motorists. State-owned oil marketing companies set retail petrol and diesel rates, shielding consumers from fluctuations in global prices.