Petrol, diesel prices today: How costly is fuel in Delhi, Mumbai, Bengaluru as crude oil rises on elusive Iran-Oman deal

Petrol and diesel prices today, 10 August: Retail petrol and diesel prices across major Indian cities held steady today even as crude oil price rose on elusive Iran-Oman deal on Strait of Hormuz. State-owned fuel retailers kept rates largely unchanged across major cities like Delhi, Mumbai, Bengaluru and Patna.

Fuel rates set by state-run Oil Marketing Companies (OMCs) continue to align with the last major price revision that came about over two months ago, on 25 May. Consumers continue to be shielded from market fluctuations and remain insulated from volatility in oil prices. Fuel rates update daily at 6:00 AM under dynamic pricing but remain unchanged at major metros.

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

*Source: Good returns

Crude oil price today

Oil prices climbed on Monday after declining more than 7% last week on hopes that Iran and Oman were close to reaching a deal on the war with US. The global benchmark Brent crude price increased 1.09% or by 91 cents to trade around $84.46 a barrel at 0056 GMT. Meanwhile, US West Texas Intermediate crude futures traded around $78.79 a barrel after registering 61 cents gains or 0.78% increase.

KCM Trade chief market ‌analyst Tim Waterer said, “Traders have been conditioned by the on-again, off-again nature of the negotiations and are waiting for tangible evidence, such as verified tanker movements or formal agreements, before further unwinding the risk premium," Bloomberg reported.

US-Iran war update

Iran confirmed that a deal with Oman defining new shipping lanes was in its final stages amid uncertainty over reopening of the Strait of Hormuz, which carried a fifth of the world's oil before the onset of West Asia war. Tehran insisted that the US must meet other conditions to restore accord signed on 17 June, including US compensation to Iran for its widespread attacks.

Over progress on negotiations, Iran indicated that messages are being exchanged via intermediaries between Tehran and Washington as Iranian Foreign Minister Abbas Araqchi on Sunday reiterated Saturday's comments. He said Iran and the US are not engaged in talks and Tehran will not start them as long as Washington breaches an interim deal signed in June, Iran's Mehr news agency quoted him as saying.

In an interview with Axios, US President Donald Trump said that the US was "low-keying" it with Iran, adding, "We are only semi-negotiating with them. We are just watching Iran with its huge inflation and the fact they have no money."