Petrol and diesel prices today — 15 July: Fuel rates in Delhi, Mumbai, Bengaluru, Kolkata as oil extends gain

Petrol and diesel prices today, 15 July: Retail fuel prices in India stood steady on Wednesday despite Brent crude price recovery for a third day. Oil prices soared following the collapse of the US-Iran ceasefire as US President Donald Trump threatened further strikes on Islamic Republic. The disruption along the Strait of Hormuz shipping route has heightened uncertainty about energy flows.

The US reinstated its blockade of Iranian ports on Tuesday and launched fresh strikes. In retaliation, Iran launched retaliatory strikes on US infrastructure in Bahrain and Kuwait early Wednesday. As the two sides exchanged tit-for-tat strikes, the escalation in hostilities injected fresh risk into the market. Brent crude, the international benchmark, climbed 1.72% and settled at $86.19 a barrel at 0029 GMT after surging 11% in the previous two sessions.

Oil prices increased to their highest level in about a month, recovering part of a roughly 30% second-quarter decline. Since state-run Oil Marketing Companies (OMCs) determine domestic price of petrol and diesel, global fluctuation in oil prices have not translated into immediate changes at the fuel pump.

Check latest petrol and diesel price in your city on 15 July

Trump withdraws 20% fee proposal for Hormuz transit after gulf pressure

US President Donald Trump took a U-turn from his 20% fee proposal for Hormuz transit due to pressure from allies in the Gulf. In a social media post, he stated, “I have decided to replace the 20% United States Reimbursement Fee with Trade and Investment Deals that the various Gulf States will be making into the United States."

According to the US President, forthcoming direct investments in the US from Gulf states prompted him to reverse his decision of transit fee. Trump backed away from his plan just a day after announcing the fee and in an interview said, “I don’t like the concept of a fee,” adding, “They’re going to be making massive investments into the United States, and I like that much better," Bloomberg reported.

Amid the flare-up in tensions in West Asia, KCM Trade chief market analyst Tim Waterer said, “The chances of oil moving back toward $100 in the reasonably near term are still meaningful if hostilities intensify which damages energy infrastructure around the Gulf,” Reuters reported.

Suggesting that Brent prices could remain at $75-$80 a barrel if diplomatic efforts helped reopen the Strait, he added, “For now, the risk premium is still embedded, but it’s not a one-way bet given that there remain incentives for both sides to find a diplomatic solution.”

Arvind Kejriwal writes to PM amid ‘huge public outcry’ over E20 petrol

AAP chief Arvind Kejriwal on Tuesday addressed a letter to Prime Minister Narendra Modi, seeking an appointment to discuss concerns over E20 petrol amid "a huge public outcry". In his letter, Kejriwal demanded E20 price cut. At the same time, he suggested that consumers should be offered a choice between pure petrol and ethanol-blended fuels.

"If someone wants pure petrol, they should get that option, and those wanting E20 should also have that choice," he wrote.