Petrol and diesel prices today: Check fuel rates in Delhi, Mumbai, Bengaluru, Kolkata on 14 July as Brent rebounds

Petrol and diesel prices today: Fuel prices in India remained largely unchanged on Tuesday despite Brent crude price recovery. Since US and Iran signed a memorandum of understanding to end the war on 17 June, oil prices are now at their highest level. Renewed hostilities and escalating tensions in West Asia caused dynamic fluctuation in international oil prices but fuel prices remained stable in India as they are determined by state-run Oil Manufacturing Companies (OMCs).

On 14 July, oil prices surged 2%, rising to their highest in four weeks. This volatility in Brent price, the international benchmark, comes on the heels of tit-for-tat strikes between the adversaries which has heightened uncertainty about energy flows. The disruption along the Strait of Hormuz trade route following reinstatement of naval blockade of the US has injected fresh risk into the market.

According to Reuters report, Brent crude climbed 9.6% in the previous session, marking its biggest daily gain since May 2020. Brent crude futures registered 2% gains to settle at $84.98 per barrel. Fuel prices in India align with the last major price revision that came about on 25 May.

Check latest petrol and diesel price in your city on 14 July

What is expert's projection of Brent crude future price?

Chief executive officer at Infrastructure Capital Management, Jay Hatfield, said, “They were just shipping oil out at unbelievable rates,” Bloomberg reported. He added, “We think we’ll hang around this $80 level, unless there’s some movement one way or another on the strait. But I don’t think we’ll go to, like, $90 or $100. And if the strait reopens, we’ll go to $60 in one hell of a hurry.”

What is happening in Persian Gulf?

As per Iran's semi-official Fars news agency, Tehran struck US assets in Kuwait with drones and attacked “a hostile vessel” with cruise missiles. The UAE Ministry of Defence on Monday said that two of its tankers were hit by two Iranian cruise missiles in Omani territorial waters, the southern lane of Hormuz. In the incident, one Indian crew member was killed while 8 others were wounded.

Iranian Foreign Minister Abbas Araghchi mocked Trump’s toll proposal for protecting vessels transiting the Strait and said on X, “Iran has always been the GUARDIAN of the Strait and will remain so FOREVER,” adding, “20% is of course too much. We will be fair.”

RBI raises inflation forecast amid higher global energy prices

The Reserve Bank of India (RBI) raised its inflation forecast from 4.6 per cent to 5.1 per cent for 2026-27 due to rising input costs, triggered by the pass-through of higher global energy prices to retail rates of petrol and diesel. In June, retail inflation climbed to 4.38 per cent from 3.93 per cent in May, according to CPI data released by the National Statistics Office (NSO). At the same time, food inflation rose to 5.32 per cent in June from 4.78 per cent in the preceding month.

This is the first time that retail inflation has surpassed central bank's median target of 4 per cent under the new series which came into effect from January this year, with 2024 being the base year.