Petrol and diesel prices today — 31 Aug: Fuel rates in Delhi, Mumbai, Bengaluru as Brent climbs after US strikes Iran

Petrol and diesel prices today, 31 August: Petrol and diesel prices stood steady on Sunday, 31 August, even though state-run Oil Marketing Companies (OMCs) revise fuel rates daily at 6:00 AM. Slight changes in petrol and diesel prices were seen since India follows dynamic fuel price method.

However, fuel prices have remained stable for the past three months despite volatility in global energy prices majorly due to US-Iran war and closure of Strait of Hormuz shipping route through which a fifth of energy supplies passed prior to onset of West Asia war. The last major fuel price revision came about on 25 May when prices of petrol and diesel were increased by ₹2.7 to ₹2.8 per litre, respectively. Check latest petrol and diesel prices in your city on 31 August.

Brent crude oil price today

Global crude benchmark Brent climbed 1.9% to trade around $89.75 a barrel after the US military launched first military action against Iran, breaking a month-long lull in fighting. As US President Donald Trump resumed to use force to drive Iran to the negotiating table after economic campaign of sanctions, West Texas Intermediate crude rose 1.7% to trade around $84.80 a barrel, Bloomberg reported.

Capital.com senior analyst Kyle Rodda in a note to clients wrote, “Markets look set for a shaky start to the trading week,” adding, “Sentiment won’t be helped at all by geopolitical risk in the Middle East, "Bloomberg reported.

US-Iran war news update

The latest US attack on Iranian rocket launchers on the Strait of Hormuz comes almost after a month as the last time the US military confirmed targeting Iran was on 29 July. In response, Iran vowed to retaliate against the deadly attack, signalling an escalation in West Asia war.

Amid US blockade of Iranian ports, US Central Command in a post on X stated, “As of Aug. 30, CENTCOM forces have redirected 83 commercial vessels, disabled 3 and boarded 2 to ensure compliance with the blockade.” US Central Command spokesperson Tim Hawkins claimed that the Revolutionary Guard Corps forces were observed preparing to launch rockets with sea mines into the strait due to which the US military took action last week to clear sea mines from the strait's international shipping routes to “protect civilian mariners, commercial shipping, and the free flow of global commerce.”

Sounds of explosions were heard near Larak island on the strait, according to Iran's semiofficial news outlets. IRGC in a statement said, “The martyrdom and injury of several of our fighters and compatriots,” Iran's state broadcaster reported. In response to the American strikes, Iran fired ballistic missiles at US bases in Jordan on Monday, Iranian state television reported. Meanwhile, Jordan said they intercepted eight missiles that penetrated the country's airspace.