India's Fuel Prices Hold Steady Amid Global Oil Price Volatility

Fuel prices in India remained steady on August 7, despite fluctuations in global oil prices caused by geopolitical tensions in West Asia. The Brent crude price rose to around $83.45 a barrel, up nearly 1% from the previous day's close.

According to Rob Haworth, senior investment strategy director at US Bank Asset Management Group, 'Deals to reopen the Strait of Hormuz remain elusive, with investors teetering in the balance.' The volatility in global oil prices did not affect retail fuel markets in India as state-owned oil marketing companies shield consumers from market fluctuations.

The price of petrol and diesel in various cities across India remained largely unchanged. In New Delhi, the petrol price was ₹102.12 per liter, while in Mumbai it was ₹111.21 per liter. The diesel prices were ₹95.20 per liter in New Delhi and ₹97.83 per liter in Mumbai.

The Central government rejected claims of ethanol import from the US, stating that India's fuel blending programme and ethanol procurement continue to be governed solely by domestic policy requirements.