India's Fuel Prices Remain Steady Amid Global Crude Price Volatility

Fuel prices in India remained largely unchanged on Friday, despite marginal fluctuations in global crude oil prices. Brent crude, the global benchmark, edged higher to $83.45 a barrel, nearly 1% higher after surging almost 4% in the previous session. However, this volatility did not trickle down to retail fuel markets in India as state-owned oil marketing companies shield consumers from market fluctuations and set retail petrol and diesel rates.

Rob Haworth, senior investment strategy director at US Bank Asset Management Group, said deals to reopen the Strait of Hormuz remain elusive, with investors teetering in the balance. He added that for now, traffic remains low and the path to a durable deal remains unclear.

Fuel prices in major Indian cities continued to align with the last major price revision on 25 May, despite ongoing geopolitical tensions in West Asia. Prices remained unchanged at ₹102.12 per liter in New Delhi, ₹111.21 per liter in Mumbai, and ₹111.68 per liter in Bengaluru.