Petrol and diesel prices today: Fuel rates in Delhi, Mumbai, Bengaluru as Crude sees first weekly decline in three weeks

Petrol and diesel prices today, 27 August: Petrol and diesel prices remained largely unchanged on Sunday, 30 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. 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 30 August.

Brent crude oil price today

Oil prices retreated on Friday and marked their first weekly decline in three weeks. Brent crude, the global benchmark, settled slightly lower on 28 August as traders evaluated Kevin Warsh's first speech as chairman of the Fed along with rumors of a possible agreement on shipping through the Hormuz, the strategic waterway through which a fifth of global energy supplies passed before onset of West Asia war. Brent crude plunged 0.43%, down by 39 cents and settled at $89.31 per barrel, Reuters reported Meanwhile, West Texas Intermediate crude futures also fell 0.16%, down by 13 cents and settled at $83.40 per barrel.

US-Iran war update

Amid stalled US-Iran talks and US President Donald Trump's economic pressure campaign, Tehran signaled no retreat on Saturday. Vowing to withstand US sanctions, pursue diplomacy and maintain control over the Strait, Iranian Deputy Foreign Minister Kazem Gharibabadi said that Iran and Oman had reached an understanding over the Strait of Hormuz. He further noted that the deal would not be implemented until the United States fulfilled its commitments under the Islamabad MoU, Iranian media reported.

“The Strait of Hormuz remains closed, and any vessel passing through the strait does so in coordination with Iran,” Kazem Gharibabadi said on Saturday, adding, “We will continue our own defensive measures and are prepared for any scenario."

Iraqi Prime Minister Ali al-Zaidi’s security adviser Qassim al-Araji said on Saturday suggested that the country wants to serve as a bridge between the two warring nations. “We have a good relationship with Iran and the United States, and we seek to be a bridge,” Qassim al-Araji told Al Jazeera.

CNG price hiked amid LNG costs surge

The price of compressed natural gas (CNG) was increased in Delhi and adjoining cities like Noida and Ghaziabad on Saturday, 29 August. Indraprastha Gas Ltd (IGL) implemented the price revision citing sharp rise in international LNG prices due to disruption in gas cargo movement through the Strait of Hormuz. CNG price in Delhi was increased by ₹3.89 per kg, which is now priced at ₹86.98 per kg. The price adjustment takes the cumulative increase in Delhi CNG prices this year to nearly ₹10 per kg, PTI reported.