India's Petrol, Diesel Prices Hold Steady Amid Global Crude Volatility

Petrol and diesel prices in India remained unchanged on July 31, despite volatile global crude oil markets. Brent crude traded at $87.14 per barrel amid concerns over shipping disruptions in the Strait of Hormuz.

The stability in domestic fuel prices comes as state-owned Oil Marketing Companies (OMCs) continue to retail fuel at levels set after the last nationwide revision on May 25. This means that motorists across India can expect petrol and diesel rates to remain steady unless there is another revision by the country's oil marketing companies.

The Ministry of Petroleum and Natural Gas has also addressed concerns surrounding ethanol-blended fuel (E20), asserting that there is 'no verified evidence of widespread engine damage' linked to its use. The clarification came in response to claims circulating on social media regarding the safety of E20 fuel.