India's Fuel Prices Steady Amid Global Oil Volatility and Stalled US-Iran Deal
Retail fuel rates in India remained steady on August 11, despite fluctuations in global oil prices. The current prices align with the last major revision on May 25 and reflect state-run Oil Marketing Companies' (OMCs) decision to insulate consumers from market volatility.
The price of Brent crude oil extended gains, trading around $87.81 a barrel at 0013 GMT on Tuesday after gaining about 10% over the previous four sessions. US West Texas Intermediate crude futures stood at $82.20 a barrel.
US President Donald Trump's demand for compensation from Iran has complicated efforts to reopen the Strait of Hormuz, leading to added uncertainty and a bleak outlook on a peace deal. As a result, oil prices have gained a 'bid tone,' according to Tim Waterer, chief market analyst at KCM Trade.
Experts raised concerns over ethanol-blended fuel, citing potential impacts on land-use, agriculture patterns, food security, groundwater levels, and household incomes. They recommended decreasing ethanol-blended fuel prices to compensate consumers for reduced efficiency and vehicle component expenditures.