India's Fuel Prices Defy Global Oil Turmoil Amid Iran-Hormuz Tensions
New tensions in the West Asia region have caused oil prices to rise globally, but surprisingly, petrol and diesel prices in India remain unchanged. As of August 7, Brent crude was being quoted at $83.45 a barrel due to fears over the opening up of the Strait of Hormuz.
The uncertainty surrounding the situation has affected international markets, with oil companies keeping an eye on developments. However, the rates of petrol and diesel in India have stayed the same since their last significant change.
The Centre has rejected reports suggesting India may allow large-scale ethanol imports from the United States for fuel blending, stating that the country's ethanol blending programme will continue to operate according to domestic policies and procurement guidelines.