Petrol, diesel prices today — 17 July: Fuel rates in Delhi, Mumbai, Bengaluru, Kolkata amid renewed US-Iran war

Petrol and diesel prices today, 17 July: Retail fuel rates in India remained largely unchanged on Friday even as global benchmark Brent headed for its biggest weekly advance since April. Renewed escalation in fighting in West Asia injected fresh risk into the market as oil tanker movement through the Strait of Hormuz thinned further.

Brent crude price today

Oil climbed for a fifth day, rising to its highest in about a month as US launched sixth night of strikes on Iran, raising concerns about disruptions to oil and natural gas supplies from the energy-rich region. Brent is on track for a weekly gain of almost 12% and traded around $85 amid heightened uncertainty over energy supplies, Bloomberg reported.

The Joint Maritime Information Center raised its regional threat level for the Strait of Hormuz to “severe” following the collapse of the ceasefire and a wave of recent hostile attacks on merchant vessels. According to Reuters report, Tehran directed Yemen’s Houthi rebel group to shut the Bab el-Mandeb gateway ​to the Red Sea in case Iranian power infrastructure is targeted. This gateway is a vital lifeline for Saudi Arabia’s oil exports.

Even though crude erased a roughly 30% decline in the second quarter, the domestic retail price of petrol and diesel showed marginal change as it is determined by state-run Oil Marketing Companies (OMCs).

Catalyst Energy Infrastructure Fund portfolio manager said, “Refined products are much more of a squeeze than crude oil,” Bloomberg reported. He added “We only had that short-term peace when energy executives were warning that we’ve been drawing down inventories, there’s really not a lot of slack left in the system.”

As per Goldman Sachs, Brent could rise as high as $110 per barrel in the fourth quarter if the Gulf export recovery continues to stall. However, the situation would be vice versa if tensions ease and production recovers faster than expected and crude could fall into the $60s by year-end.

Check latest petrol and diesel price in your city on 17 July

Centre directs mariners to refrain from Strait of Hormuz voyages

Amid renewed back and forth fighting between US and Iran, the Centre ordered shipowners, ship managers and recruitment companies against deploying seafarers on vessels undertaking trips through the Strait of Hormuz. In an order ⁠issued on Wednesday, Directorate General of Shipping said, “No deployment of Indian seafarers ​on vessels undertaking voyages involving passage through the Strait of Hormuz until ​further orders.”

Notably, India is the world's third-largest supplier of seafarers, with more than 300,000 sailors working across global shipping fleets. More than 15,000 Indian seafarers are still ​stranded on the west of the strategic waterway, general secretary of the Forward Seamen's Union of India Manoj ​Yadav informed Reuters. This advisory comes after two Indian seafarers were killed in attacks on vessels in ​the region over the last three days.

"In view of ​the heightened security situation in the Persian Gulf region ... the Directorate considers it ​necessary to adopt enhanced precautionary measures to safeguard the interests of Indian seafarers serving on board ‌ships ⁠operating in the region," the order added.