Petrol and Diesel Prices Remain Steady in India Amid Crude Oil Decline
Petrol and diesel prices in India remained steady on August 24, despite a decline in crude oil prices. The Brent crude fell by 1% to $93.43 per barrel, while US crude slipped by 1.1% to $86.14 per barrel. This decrease in oil prices was largely due to market traders anticipating US sanctions on Iran.
The Indian government continues to shield consumers from oil price volatility through its dynamic fuel price method. Fuel rates are revised daily at 6:00 AM, but no major changes were made on August 24. The current petrol and diesel prices in Delhi, Mumbai, Bengaluru, and other cities remain unchanged.
However, the global energy crisis due to the West Asia conflict continues to affect oil markets. The US Treasury Secretary's statement on economic sanctions against Iran has added to the uncertainty. Despite this, Iranian President Masoud Pezeshkian pushed for a diplomatic solution.