Petrol, diesel prices today — 6 Aug: Fuel rates in Delhi, Bengaluru, Jaipur as Crude oil dips on US-Iran deal optimism

Petrol and diesel prices today, 6 August: Retail fuel rates stood steady on Thursday across Indian cities and continue to align with the last major price revision that came about over two months ago, on 25 May. Hence, domestic fuel rates have remained largely unchanged despite volatility in Brent price. The global benchmark edged lower on 6 August in early Asia trade as Iran reached an agreement with Oman on the Strait of Hormuz.

Crude oil price today

Brent crude price extended decline and traded near $79 a barrel, while West Texas Intermediate fell 0.4% to below $75 per barrel after losing 11% in the week’s first three sessions on optimism that some form of accord to restore traffic through the waterway is near. Meanwhile, gold stood around $4,270 an ounce after posting its biggest gain since February, Bloomberg reported.

“US oil prices have already fallen below $80 per barrel as the global oil market evaluates the potential of a deal with Iran," the news agency quoted Tortoise Capital senior portfolio manager Rob Thummel as saying. He added, “If a deal is reached, then it is possible for oil to head toward $70 per barrel.” Closure of the strait, through which 20% of the world’s oil and natural gas once transited, has caused massive fluctuation in crude oil prices over the last five months.

Check latest petrol and diesel price in your city on 6 August

*Source: Good Returns

US-Ian war update

Touting that a deal was close, US President Donald Trump at a rally in Las Vegas on Wednesday evening said that Washington is talking to Tehran and he will “see what happens” in ongoing negotiations. This statement comes at a time pressure is mounting to end the unpopular war that began on 28 February ahead of US congressional elections.

On the same day, Iran’s Foreign Ministry spokesperson, Esmail Baghaei also confirmed that it is in the “final stage” of drafting an agreement with Oman. Iran said that a joint statement will be issued “if certain parties do not obstruct this process." According to Trump, a deal to reopen the critical waterway could be announced this week. As per regional Iranian and Omani officials, negotiators have finalized a draft and await final approval from Iran’s Supreme Leader Ayatollah Mojtaba Khamenei, AP reported.

SIAM withdraws E20 fuel quality letter

Society of Indian Automobile Manufacturers (SIAM) recently withdrew a letter written to the Ministry of Petroleum and Natural Gas citing the need for further authentication. As per reports, it had flagged concerns over contamination of E20 fuel that caused problems with vehicles.

SIAM in a statement said, "Some numbers quoted in the communication need authentication through collection of elaborate data from various regions across the country followed by a comprehensive consultation with our member OEMs. According to the auto industry body, the referred numbers reported in the media need authentication due to which it withdrew its earlier communication. AAP national convenor Arvind Kejriwal on Wednesday claimed that the Centre forced SIAM to withdraw the "report" that allegedly raised concerns over E20 fuel, PTI reported.