Petrol, diesel prices today — 10 July: Check fuel rates in Delhi, Mumbai, Bengaluru, Kolkata as oil prices ease

Petrol and diesel prices today, 10 July: Fuel prices in India remained largely unchanged on Friday despite easing of oil prices after a turbulent week. The talks between the US and Iran have resumed and the flare-up in fighting seems subdued as the two sides work out to find a solution.

Brent crude, the international benchmark, fell more than 2% on Thursday to trade around $76 a barrel as markets calmed after US President Donald Trump said the temporary peace deal was over, Bloomberg reported. Even though the status of the interim deal remains unclear, the two sides stopped short of a return to all-out war, observing some stipulations of their truce.

Oil tanker transit through the Persian Gulf were severely affected and came to near halt on 9 July following the recent escalation despite Washington's assertion “Iran does not control the Strait of Hormuz." According to head of commodities strategy for ING Groep NV in Singapore, Warren Patterson, tanker traffic remains above pre-MoU levels even after the fall in recent days.

“The market appears to be viewing the latest US-Iran tensions as a challenge to the ceasefire process rather than a complete collapse,” Bloomberg quoted Warren Patterson as saying. He added, “Reports of continued talks between Washington and Tehran are also helping to reassure the market that diplomacy remains the preferred path.”

Did recent fluctuation in Brent price impact petrol and diesel prices in India?

No, there was no impact of Brent price fluctuation on petrol and diesel prices in India as state-run Oil Marketing Companies (OMCs) determine domestic fuel prices. OMCs continue to offer petrol and diesel at similar rates since last revision that occurred on 25 May.

Check latest petrol and diesel price in your city on 10 July

In the wake of drop in fuel prices after the signing of peace deal, Aam Aadmi Party (AAP) national convenor Arvind Kejriwal raised calls for reduction in fuel prices. Claiming that fuel prices should be reduced to provide relief to consumers from inflation, he said, "Pure petrol should be available in our country at ₹82 per litre; and if we switch to E20 fuel, I believe the price should drop even further, to around ₹70 per litre, compared to the ₹102 currently charged for E20 petrol," ANI reported.

He made these demands while addressing the media in the national capital on Thursday. “We can calculate diesel prices in the same way; diesel prices could also be reduced. If petrol and diesel prices come down, I believe it would deal a significant blow to inflation and provide people with much-needed relief,” the AAP chief said days after Union Petroleum and Natural Gas Minister Hardeep Singh Puri said that OMCs may take a call on retail fuel rates if crude prices remain stable.