Petrol, diesel prices today, 21 July: Fuel rates in Delhi, Mumbai, Bengaluru, Kolkata amid easing oil price

Petrol and diesel prices today, 21 July: Retail fuel rates in India held steady on Tuesday despite softening of benchmark Brent crude price. Markets weighed reports of mediation efforts between the United States and Iran against a fresh exchange of strikes over threats of a naval blockade of Saudi Arabia by Yemen's Iran-aligned Houthis. Oil steadied after a two-day gain amid diplomatic push to revive the lasting peace deal signed on 17 June.

Despite global fluctuation in oil prices over the last week, Indian consumers remain insulated from the impact as state-run Oil Marketing Companies (OMCs) determine retail fuel rates. Petrol and diesel prices in India continue to align with the last major price revision that came about on 25 May.

Check latest petrol and diesel price in your city on 21 July

Brent crude price today

Oil prices eased from one month high on 21 July as Brent crude futures plunged 0.4% to trade below $89 a barrel after rising almost 6% over the previous two sessions.

Over the diplomatic push to end war, IG market analyst Tony Sycamore said, "(Oil) has come a long way already and it certainly has the potential to go higher again. However, in the short term the overnight talk of de-escalation and peace talks appears to be capping the upside for the time being. Whether anything comes from those peace talks remains to be seen," Reuters reported.

US-Iran war latest update

The US military on Monday night carried out its 10th consecutive night of strikes on Iran while Tehran continued to attack tankers in the Persian Gulf as both sides vie for control of the Strait of Hormuz.

Iran reportedly received a proposal from mediators for a 10-day ceasefire in efforts to salvage the interim accord. According to Reuters report, this move intends to pave the way for a lasting agreement.

On Monday, visible traffic through Strait of Hormuz came to a near halt due to the flare-up in violence around the waterway. Houthis said on Monday threatened to impose a naval blockade on Saudi Arabia, signaling possibility of disruption to trade beyond the Gulf.

KCM Trade chief market analyst Tim Waterer, "The threats of a naval blockade on Saudi Arabia by the Houthis are significant because they raise the risk of disruption to another major oil exporter," Reuters reported.

E20 row: Centre assures no impact on India's food security due to 20% ethanol blending target

The Union government on Monday dismissed concerns around impact of 20% ethanol blending target on national food security. In a comprehensive written response to the Rajya Sabha, Minister of State for Petroleum and Natural Gas Suresh Gopi clarified that the government follows “an open-ended procurement system at the Minimum Support Price (MSP), under which procurement for the Public Distribution System (PDS), National Food Security Act (NFSA), Other Welfare Schemes (OWS) and prescribed buffer stocks is accorded the highest priority.”