Petrol and diesel prices today, 8 September: Fuel rates in India changed marginally on Tuesday, 8 September across some Indian cities even as Brent crude futures extended gains after recording their highest level since 24 July. State-run Oil Marketing Companies (OMCs) continue to charge domestic customers fuel rates that align with 25 May price adjustment when petrol and diesel were increased by ₹2.7 to ₹2.8 per litre, respectively.
Since India follows dynamic fuel price method, petrol and diesel prices are revised daily at 6:00 AM but remain steady even after marginal changes. Hence, commodity prices have been stable for the past three months despite significant fluctuation and volatility in global energy prices. Check latest petrol and diesel prices in your city on 8 September.
Crude oil price today
The global benchmark Brent crude extended its rally on Tuesday a day after rising to its highest level since 24 July. Iran's threat to retaliate against any new US aggression on its assets injected risk into the market, signaling prolonged conflict in West Asia due to which Brent crude futures rose 0.35% or by 34 cents to trade around $97.34 a barrel during early trade. U.S. Meanwhile, West Texas Intermediate crude climbed 1.26% or by $1.15 to trade around $92.63 a barrel, Reuters reported.
ANZ analyst Daniel Hynes in a note said, "The recent escalation of the Middle East conflict has increased the likelihood of a prolonged standoff, punctuated by calibrated military action by the US and Iran. This could see Persian Gulf supply remain constrained through the rest of 2026," as reported by Reuters. He added, "We don't expect a full return to pre-war throughput until late Q1 or early Q2 2027."
Amid tit-for-tat strikes, Goldman Sachs raised its Brent and WTI price forecasts by $5 to $85 and $80, respectively, for December 2026 and to $80 and $75, respectively, for 2027, based on the assumption that shipping disruptions will stretch into 2027.
Meanwhile, financial services platform Marex released its September commodity outlook, according to its analyst Ed Meir crude oil prices will likely remain elevated through year-end as long as the war continues, given “the multitude of issues that have yet to be addressed”.
US-Iran war update
The recent escalation in military operations between US and Iran after weeks of calm prompted traders to build a risk premium into prices. Amid heightened tensions around the key waterway Strait of Hormuz, through which nearly a fifth of global energy supplies transited before the war, there seem to be no sign of progress towards a diplomatic breakthrough or return to peace deal signed in June.
According to US Central Command, US forces on Saturday struck three Iranian oil tankers, including one near Kharg Island, Iran's main oil export hub. Iran's Revolutionary Guards claimed that it retaliated with counter strikes on US warships operating in the region.
Iran's Foreign Minister Abbas Araghchi held phone calls with his Saudi and Turkish counterparts and said a deal with Oman to manage shipping through the Hormuz is imminent.
